The annual percentage rate on Rachel’s credit card is 26.4%. What’s the monthly percentage rate on the card?
Mathematics · Middle School · Wed Jan 13 2021
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Answered on
Given the statement:
The annual percentage rate on Rachel’s credit card is 26.4%.
Determine the monthly percentage rate of the card.
Solution:
In order to determine the monthly percentage rate of the card, we simply divide 26.4 by 12.
= 26.4%/12
= 2.2%
Final answer:
The monthly percentage is 2.2%.