You are considering credit card with quoted rate of, Financial Management

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You are considering credit card with quoted rate of

You are considering a credit card with a quoted rate of interest (APR) of 15.99% per year, compounded monthly

1. What is the effective annual rate of interest on the loan?

2. If you charge 20,000 to pay for making an indie film and you want to pay it back in 2 years what is your monthly payment?( assume you never charge anything else on the this card)

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