Question

The annual percentage rate on Rachel’s credit card is 26.4%. What’s the monthly percentage rate on the card?

Answer 1

Answer:

2.2%

Step-by-step explanation:

The annual percentage rate (APR) refers to the interest you are charged over a 12 month period. That means if we want know the fee charged monthly, we just have to divide the APR by 12. So, doing the division in this problem, we have

$\frac{26.4\%}{12}=2.2\%$

Therefore, the monthly percentage rate is 2.2%.

Answer 2

Answer:

The monthly percentage rating is 2.2%.

Step-by-step explanation:

Using division helped me find the answer.

26.4 ÷ 12

= 2.2