Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 24.50%, with interest paid monthly, what is the card's EFF%?
A. 27.45%
B. 23.06%
C. 34.03%
D. 28.82%
E. 32.66%
Answer: A
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