Your credit card company charges you 1.16 percent per month. What is the annual percentage rate...

Question

Question

Your credit card company charges you 1.16 percent per month. What is the annual percentage rate on your account?

9.68 percent

9.91 percent

12.87 percent

10.84 percent

13.92 percent

Answer 1

Answer #1

Annual Percentage Rate

Annual percentage rate = Monthly Interest Rate x Number of months in a year

= 1.16% per month x 12 Months

= 13.92%

“Hence, the Annual Percentage Rate is 13.92 percent“

Answer 2

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