Answer to Question #233741 in Civil and Environmental Engineering for Alan Enrico V Tuib

Question #233741
A local store charges 11/2% each month on the unpaid balance for its charge account. What nominal annual interest rate is being charged? What is the effective interest rate?
1
Expert's answer
2021-09-12T00:39:44-0400

compounded monthly

– interest rate per month: i =

– no. interest periods per year:


Suppose that you invest $1,000 for 1 year at 18% compounded monthly.


%


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