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You bought a home theatre 1 year back using hsbc bank

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You bought a home theatre 1 year back using HSBC Bank Credit card. HSBC Bank has sent you a bill now which shows that you have to pay 47840/- . The APR is 18%. And the ban says that they compound interest on monthly basis, find out the effective rate (otherwise called Equivalent Annual rate ) and also the cost of the TV?

Reference no: EM13609921

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