Question

If the APR on a credit card is 22.2%, what is the monthly interest rate?

Solution

Verified

Step 1

1 of 2

\centering

APR=22.2%APR=22.2\%

Divide value for APR by 12.

22.212=1.85%\frac{22.2}{12}=1.85 \%

Create an account to view solutions

By signing up, you accept Quizlet's Terms of Service and Privacy Policy
Continue with GoogleContinue with Facebook

Create an account to view solutions

By signing up, you accept Quizlet's Terms of Service and Privacy Policy
Continue with GoogleContinue with Facebook

Recommended textbook solutions

Financial Algebra 1st Edition by Richard Sgroi, Robert Gerver

Financial Algebra

1st EditionRichard Sgroi, Robert Gerver
2,606 solutions
Financial Algebra, Workbook 1st Edition by Richard Sgroi, Robert Gerver

Financial Algebra, Workbook

1st EditionRichard Sgroi, Robert Gerver
773 solutions
Financial Algebra: Advanced Algebra with Financial Applications 2nd Edition by Richard Sgroi, Robert Gerver

Financial Algebra: Advanced Algebra with Financial Applications

2nd EditionRichard Sgroi, Robert Gerver
3,023 solutions

Related questions