Illustrate what are the nominal and effective interest rates
Course:- Physics
Reference No.:- EM13121543

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Q. If you do not pay the balance on your credit card on time, the credit card issuer will charge you a certain interest rate each month. Assuming that you are charges 1.25% interest each month on your unpaid balance, what are the nominal and effective interest rates? Also determine the effective interest rate that a typical credit card issuer charges today.

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