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Taylor's Hardware offers credit at an APR of 14.9 percent and compounds interest monthly. What actual rate of interest are they charging

Taylor's Hardware offers credit at an APR of 14.9 percent and compounds interest monthly. What actual rate of interest are they charging
asked 32.5k views
10 votes
Taylor's Hardware offers credit at an APR of 14.9 percent and compounds interest monthly. What actual rate of interest are they charging

asked
User Undeniablyrob
by
7.9k points

1 Answer

7 votes
Correct answer is : 15.96%

EAR = [1 + (.149 / 12)]12 - 1 = 15.96%
answered
User Rusln
by
8.3k points
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