Question

Your credit card company charges you 1.34% per month. What is the APR on your credit card?

a) 17.32%
b) 16.08%
c) 18.19%
d) 15.28%
e) 16.70%

Answer 1

The APR on the credit card is 16.08%.

Step-by-step explanation:

To find the APR on your credit card, you need to convert the monthly interest rate to an annual rate. To do this, you multiply the monthly rate by 12. In this case, the monthly rate is 1.34%, so the APR would be 1.34% * 12 = 16.08%. Therefore, the correct answer is (b) 16.08%.