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Aleksandr [31]
3 years ago
10

Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the

APR is stated to be 24.50%, with interest paid monthly, what is the card's EFF%?
Business
1 answer:
larisa86 [58]3 years ago
6 0

Answer:

The EFF of card is 27.45%.

Explanation:

EFF interest rate is an interest rate which is actually paid or received on debt or investment. It is also known as Effective Interest rate.

APR = 24.50%

EFF = ( ( 1 + r/m )^m ) - 1

EFF = ( ( 1 + 0.245/12 )^12 ) - 1

EFF = ( ( 1 + 0.020417 )^12 ) - 1

EFF = ( ( 1.020417 )^12 ) - 1

EFF =  1.27447765 - 1

EFF = 0.2745

EFF = 27.45%

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2 years ago
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