A credit card account charges 20% as a nominal annual interest rate compounded monthly. What is the effective annual rate being charged on the unpaid purchase balance if the cardholder makes no payment?
A.	21.55%
B.	21.94%
C.	0.2002%
D.	18.37%
Answer:B
A credit card account charges 20% as a nominal annual interest rate compounded monthly. What is the effective annual rate being charged on the unpaid purchase balance if the cardholder makes no payment?
A.	21.55% B.	21.94% C.	0.2002% D.	18.37%