Effective Annual Rate

(Annualizing a monthly rate) You credit card statement says that you will be charged 1.05% interest a month on unpaid balances. What is the Effective Annual Rate (EAR) being charged? Question:(Annualizing a monthly rate) You credit card statement says that you will be charged 1.05%interest a month on unpaid balances. What is the Effective Annual Rate (EAR) being charged?…

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