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26 May, 02:47

A credit card advertises an annual interest rate of 23%.

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  1. 26 May, 03:15
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    A credit card company needs to specify the annual percentage rate which it is supposed to charge to its customers for loan taken. The company may advertise any monthly interest rate but definitely has to specify what it wants to charge annually. So an annual 23% means (23/12) = 1.92% interest monthly.
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