Homework Answers
APR = 21.5%
MONTHLY INTEREST RATE = APR/12 = 21.5%/12 = 1.791667%
Generally we keep monthly interest rate to 6 decimals minimum, so as to get exact answers
If we round monthly interest rate to 2 decimals, it will be = 1.79%
Answer : 1.79% (Thumbs up please)
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4. If a credit card has an APR of 21.5%, what is the monthly interest rate?
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