Is a credit card agreement providing for interest at 2.4% per month calculated on the previous month’s balance calculated on a monthly basis calculated on an annual rate of 28.8%?

Ontario, Canada

The following excerpt is from Solar Power Network Inc. v. ClearFlow Energy, 2018 ONCA 727 (CanLII):

In my view, the decision in Smith v. Canadian Tire, distinguished by the application judge, is applicable to this case. Smith dealt with credit card agreements providing for interest at the rate of 2.4% per month calculated on the previous month’s balance. The agreement stated that the equivalent yearly rate was 28.8%, a rate that did not take into account the effect of compounding if the balance was not repaid each month.

Other Questions

Does the parol evidence rule apply to a payment agreement where the payment agreement states that no refunds should be made unless the payment policy is less than one month's notice? (British Columbia, Canada)
How is a payor's income calculated when the payor’s income has fluctuated in previous years? (British Columbia, Canada)
How is retroactive child support calculated when the payor's income is based on the previous year's income? (Ontario, Canada)
Is there an entitlement to compound interest where the contract uses the language "compounded monthly" or "calculated monthly"? (British Columbia, Canada)
Does the fact that the amount of money paid by the Queen on a periodic basis under the terms of the Queen’s Agreement with the husband be considered to be support payments? (Canada (Federal), Canada)
What is the test for a motion in s. 137.1(4)(b) to balance freedom of expression against the general public interest? (British Columbia, Canada)
Is a spouse's right on separation to half interest in all family property as a tenant in common subject to an agreement or order that provides otherwise? (British Columbia, Canada)
Does an employee’s shift need to be considered a “critical job interest” under a collective agreement with a hospital? (Ontario, Canada)
Can a husband's agreement to sell his homestead be used as a basis for damages? (Saskatchewan, Canada)
Is a guarantor's position that a bank's breach of the 23rd June Agreement with the company's guarantors makes the guarantee void? (British Columbia, Canada)