Section 1 - UW-Madison Department of Mathematics
The effective annual rate (EAR) takes into account monthly compounding. For a loan with n compounding periods per year, with interest compounded at rate i in each compounding period, the EAR can be found using EAR ( Example H. A credit card bill shows a balance due of $750 with a minimum payment of $15 and a monthly interest rate of 1.62%. ................
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