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Posted by on Monday, April 15, 2013 at 9:30am.

Rick has a credit card that charges 19% interest compounded monthly. What is the true annual rate of interest for Rick's credit card?

  • Finance - , Monday, April 15, 2013 at 9:32am

    (1 + (0.19/12))^12 -1
    = 20.7% A.P.R.

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