A credit card advertises an annual interest rate of 23%. What is the equivalent monthly interest rate?

H Ketabi asked May 8, 2022

21,363 views

28 votes

A credit card advertises an annual interest rate of 23%.

What is the equivalent monthly interest rate?

H Ketabi asked May 8, 2022

2.7k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

9 votes

1.92% rounded. (Originally 1.916666)

2.9k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers