Final answer:
The monthly periodic rate of a credit card with an APR of 24.6% is 2.05%, which is calculated by dividing the APR by the number of months in a year.
Step-by-step explanation:
The APR on Ramona's credit card is 24.6%. To find the monthly periodic rate, we divide the APR by the number of months in a year. Hence, the monthly periodic rate is:
Monthly periodic rate = APR / number of months in a year
Monthly periodic rate = 24.6% / 12
Monthly periodic rate = 2.05%
This means that the monthly interest rate on Ramona's credit card is 2.05%.