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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 Julee
by
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2 Answers

2 votes

Answer:

I =
1.02^(12t)

Trust me I just finished the lesson and my teacher even showed me the answer key

User DeniSHow
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the monthly interest rate would be 1.9%
User Lukas Lukac
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