Question

A credit card advertises an annual interest rate of 23% what is the equivalent monthly interest rate?

Answer 1

Answer:

The equivalent monthly interest rate would be 1.92% (approx)

Step-by-step explanation:

Given,

The annual interest rate = 23 %,

Since, 1 year = 12 month,

Thus, the monthly interest rate = $\frac{\text{Annual interest rate}}{12}$

$=\frac{23}{12}$

$=1.9166667\%$

$=1.92\%$

Hence,  the equivalent monthly interest rate would be 1.92% (approx)

Answer 2

♫ - - - - - - - - - - - - - - - ~Hello There!~ - - - - - - - - - - - - - - - ♫

➷ Simply divide this value by the number of months:

23/12 = 1.916

The equivalent monthly interest rate is 1.916%

✽

➶ Hope This Helps You!

➶ Good Luck (:

➶ Have A Great Day ^-^

↬ ʜᴀɴɴᴀʜ ♡