The Gallery offers credit to its customers at a rate of 1.6 percent per month. What is the effective annual rate (EAR or EFF%) of this credit offer? a) 7.06% b) 20.98% c) 13.20%
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The Gallery offers credit to its customers at a rate of 1.6 percent per month. What is the effective annual rate (EAR or EFF%) of this credit offer?
a) 7.06%
b) 20.98%
c) 13.20%
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