What Is the Effective Rate of Interest on a Credit

question 268

Short Answer

What is the effective rate of interest on a credit card that calculates interest at the rate of 1.8% per month?

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Definitions:

Pacific Islands

A geographic region of the Pacific Ocean comprising various island groups, including Polynesia, Micronesia, and Melanesia.

Oceanic Societies

Refers to the diverse cultures and peoples living on the islands within the Pacific Ocean, known for their rich maritime traditions and artistic expressions.

Art Forms

Pertains to the various methods and structures through which artistic expression is realized, such as painting, sculpture, music, dance, and literature.

Abelam Mask

A traditional ceremonial mask created by the Abelam people of Papua New Guinea, often made from bamboo and painted with bright colors.