Annual percentage rate, A large bank has increased its

Annual percentage rate

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A large bank has increased its annual percentage rate (APR) on credit cards to 35%.?This move was necessary because of the "additional risks" faced by the bank in a weak economy. If monthly compounding is in effect, what is the effective annual interest rate being charged by the bank? The effective annual interest rate per year is?

Reference no: EM13739598

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Annual percentage rate : A large bank has increased its annual percentage rate (APR) on credit cards to 35%.?This move was necessary because of the "additional risks" faced by the bank in a weak economy. If monthly compounding is in effect, what is the effective annual inter..

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