A credit card company charges an interest rate of 1.53% per month on the unpaid balance of all accounts. The annual interest, they claim, is 12(1.53%) =18.36%. What is the effective interest rate per year being charged by the company? Select the correct response: O 18.36% pa O 19.55% pa O 19.99% pa O 17.81% pa O 19.60% pa

A credit card company charges an interest rate of 1.53% per month on the unpaid balance of all accounts. The annual interest, they claim, is 12(1.53%) =18.36%. What is the effective interest rate per year being charged by the company? Select the correct response: O 18.36% pa O 19.55% pa O 19.99% pa O 17.81% pa O 19.60% pa

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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