A credit card advertises an annual interest rate of 23%.
2 answers:
Its 1.91666666667 because all you are doing is finding the monthly interest rate so divide by 12 because there are 12 months in a year and you have your answer hope this helps!
What is the equivalent monthly interest rate?
If 23% is compounded each month, there will be 12 intervals and then the monthly rate is:
23 ÷ 12 = 1.92 %
If 23% is compounded annually, then the monthly rate would be:
Rate = (1 + 23%)⁰°⁸³³ (power is 0.833 or 1/12)
= 1.23⁰°⁸³³ (power is 0.833 or 1/12)
= 1.0174 - 1 x 100
= 1.74 %
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