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A credit card advertises an annual interest rate of 23%. What is the equivalent monthly interest rate?
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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-example-1
User Brian Jorgensen
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1 Answer

5 votes

Answer:

1.74 %

Explanation:

the equivalent monthly interest rate of a credit card with an annual interest rate of 23% is 1.74 %.

Hope this helps!

User Popcnt
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