James recently got a credit card. The APR on the card is 19.8%. What is the monthly interest rate? A. 1.65% B. 7.8% C. 12% D. 19.8%

Question

asked Nov 4, 2022 121k views

1 Answer

Collin Peters · Answer 1 · 2022-11-11T07:47:07+0000

The answer is A.

Explanation:

ARP means Annual Percentage Rate. Annual means yearly and there are 12 months in a year so divide 19.8 by 12 and you get 1.65.