1. The average daily balance for Maggie Mae's last credit card statement was $1,634.28, and she had to pay a finance charge. The APR is 18%. a. What is the monthly interest rate? b. What is the finance charge for the month?

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.