Question

What was the annual interest rate for a credit card if the principal balance was $865 and the monthly interest was $12.05?

Answer 1

Kauro, this is the solution to the problem:

Balance = $ 865

Monthly interest = $ 12.05

APR = Interest/Balance/30 * 365 * 100

APR = 12.05/865/30 * 365 * 100

APR = 16.9%

Let's recall that APR means Annual Percentage Rate