Question

Owen has a credit card with an APR of 12.5% and a balance of $1,892.32. The interest is compounded monthly. What is the monthly periodic rate?
0.104
0.0125
0.0104
0.125

Answer 1

Answer:

0.125%

Step-by-step explanation:

To find the percentage, just move the decimal place two places.

Answer 2

Answer:

Answer is c or 0.0104.

Step-by-step explanation:

12.5/12= 1.04...

1.04/100= 0.0104