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You opened your credit card statement and observed that APR quoted is 7% per year...

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Finance

You opened your credit card statement and observed that APR quoted is 7% per year

What is the Effective Annual Rate (EAR), if interest is computed monthly?

Enter your answer in the following format: 0.1234

Hint: Answer is between 0.0643 and 0.0788

Answer & Explanation Solved by verified expert
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