Question

Convert the credit card rate to the APR. Ohio, 0.02192% daily rate. Please round your answer to the nearest percent. (zero decimal place.) Enter only the number without $ sign.

Answer 1

8%

Explanation:

APR means annual percentage rate.

To convert the daily rate to an APR, multiply the daily rate by the number of days in a year

365 days = 1 year

0.02192% x 365 = 8.0008%

To round off to the nearest percent, look at the first number after the decimal, if it is less than 5, add zero to the units term, If it is equal or greater than 5, add 1 to the units term.

The tenth digit is 0, so the number would be rounded off to 8%