Answer:
b. 1.8325%
Step-by-step explanation:
You want the monthly percentage rate corresponding to an annual percentage rate of 21.99%.
Monthly rate
The rate for any part of a year is found by multiplying the annual rate by the fraction that part is of a year. A month is 1/12 of a year, so the monthly rate is ...
(1/12) × 21.99% = 1.8325%
The MPR is 1.8325%.
