Question

The annual percentage rate on Rachel’s credit card is 26.4%. What’s the monthly percentage rate on the card?

Answer 1

The monthly percentage rating is 2.2%.

Explanation:

Using division helped me find the answer.

26.4 ÷ 12

= 2.2

Answer 2

2.2%

Explanation:

The annual percentage rate (APR) refers to the interest you are charged over a 12 month period. That means if we want know the fee charged monthly, we just have to divide the APR by 12. So, doing the division in this problem, we have

`(26.4\%)/(12)=2.2\%`

Therefore, the monthly percentage rate is 2.2%.