If a credit card advertises an annual interest rate of 23%, then the equivalent monthly interest rate is 1.74%
The annual interest rate = 23%
The credit card interest rate the amount you have to pay to borrow the money from them. The credit card interest rate is usually expressed in yearly rate. This is called annual percentage rate.
The monthly interest rate = 
= 
= 1.0174
Then,
= (1.0174-1) × 100%
Subtract the terms first
= 0.0174 × 100%
Multiply it
= 1.74%
Hence, if a credit card advertises an annual interest rate of 23%, then the equivalent monthly interest rate is 1.74%
Learn more about annual percentage rate here
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Answer:
80%
Step-by-step explanation:
Step 1: Add the given data
588 + 147 = 735
Step 2: Divide the number of students who bought a school shirt by the total number of students
588 ÷ 735
= 
= 0.8
Step 3: Convert the decimal to fraction
0.8 = 80% (Move the zero 1 place behind the number and remove the ".")
Or
0.8 × 100 = 80%
Therefore, 80% of students bought a school shirt.
Answer:
$86.83
Step-by-step explanation: