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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?

User Christopher Douglas
by
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2 Answers

4 votes
the answer its 1.92%
User Varun Sukheja
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8.2k points
6 votes
I think we just divide by 12.
23%/12 = 1.92%
User Marthijn
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