What is effective annual interest rate being charged by bank, Microeconomics

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What is effective annual interest rate being charged by bank

Problem

Alarge bank has increased its annual percentage rate (APR) on credit cards to 30%. 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 response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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