The “interest rate” you see on paper on your credit card or loan statement is actually the nominal interest rate. So what are you actually paying?

-----------------------------------------------------------------------------------------

Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8

Dictionary of Economics Course: http://bit.ly/2H7uQl4

Ask a question about the video: http://bit.ly/2F0xlVL

Help translate this video: http://bit.ly/2G9f5Ja