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A credit card advertises an annual interest rate of 23%. What is the equivalent monthly interest rate?

A credit card advertises an annual interest rate of 23%. What is the equivalent monthly interest rate?
asked 82.9k views
2 votes
A credit card advertises an annual interest rate of 23%.

What is the equivalent monthly interest rate?

asked
User GlobalSchmidt
by
7.7k points

1 Answer

3 votes
1.92% rounded. (Originally 1.916666)
answered
User Yrogirg
by
7.8k points
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