Question

The APR on Rico’s credit card is currently 24.6%. What is the monthly periodic rate? Answers in percent

Answer 1

The APR on Rico’s credit card is currently 24.6%. What is the monthly periodic rate? Answers in percent

Remember that APR -------> the annual percentage rate

thus

Divide 24.6% by 12 (number of months in one year)

so

24.6/12=2.05%

therefore

the answer is 2.05%