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30 April, 14:26

Susan uses a credit card with an APR of 22.2%. What is the monthly percentage rate on the card?

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  1. 30 April, 17:31
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    1.85 %

    Explanation:

    APR refers to the "Annual Percentage Rate." This refers to the rate that is being charged to the borrower on a yearly basis.

    It is very easy to get the monthly percentage rate once you know the APR. All you have to do is to divide the APR by the total number of months.

    In the situation above, we just have to divide the APR of 22.2% by 12 (number of months on one year).

    22.2% : 12 months = 1.85 % per month (this is the monthly percentage rate on the card. Thus, this is the answer.
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