You receive a credit card offer with terms of 686 interest, Financial Management

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You receive a credit card offer with terms of 686 interest

You receive a credit card offer with terms of 6.86% interest. When you read the fine print, however, you see that the interest is not the annual percentage rate (APR), but the amount being charged every month. What is the nominal interest rate and the effective interest rate?

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Financial Management: You receive a credit card offer with terms of 686 interest

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Financial Management: You receive a credit card offer with terms of 686 interest

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