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James recently got a credit card. The APR on the card is 19.8%. What is the monthly interest rate? A. 1.65% B. 7.8% C. 12% D. 19.8%

James recently got a credit card. The APR on the card is 19.8%. What is the monthly interest rate? A. 1.65% B. 7.8% C. 12% D. 19.8%
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James recently got a credit card. The APR on the card is 19.8%. What is the monthly interest rate?

A. 1.65%
B. 7.8%
C. 12%
D. 19.8%

User Eli Courtwright
by
8.5k points

1 Answer

7 votes

The answer is A.

Explanation:

ARP means Annual Percentage Rate. Annual means yearly and there are 12 months in a year so divide 19.8 by 12 and you get 1.65.

User Collin Peters
by
8.3k points
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