Question

Owen has a credit card with an APR of 12.5% and a balance of $1,892.32. The interest is compounded monthly. What is the monthly periodic rate?

0.104
0.0125
0.0104
0.125

Answer 1

0.125%

Explanation:

To find the percentage, just move the decimal place two places.

Answer 2

Answer is c or 0.0104.

Explanation:

12.5/12= 1.04...

1.04/100= 0.0104