Question

Calculate the monthly percentage rate if the APR is 16.99%. Round your monthly percentage rate to the nearest hundredth of a percent.

Answer 1

Given:

APR = 16.99%

The Annual Percentage Rate is the interest rate charged yearly.

Given that there are 12 months in a year, to find the monthly percentage, divide the APR by 12.

Therefore, we have:

`\text{Monthly percentage = }(16.99)/(12)=1.42^{}\text{ percent}`

Therefore, the monthly percentage rate to the nearest hundreth of a percent is 1.42%

ANSWER:

1.42%