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:

APA

The American Psychological Association, a leading scientific and professional organization representing psychology in the United States.

Informal Rule Making

A regulatory process allowing for the development and issuance of rules without a formal hearing.

Formal Hearing Process

A structured legal procedure involving the presentation of evidence and legal arguments before a judicial authority to resolve a dispute.

Administrative Agencies

Governmental bodies with the authority to implement and administer particular legislation, often with rule-making and adjudicative functions.