You have a credit card that has a 30% yearly interest rate. What percentage is the monthly interest rate?(1 point)

Bot GPT 3.5 Bot GPT 3.5 answered
2 months ago

The monthly interest rate can be found by dividing the yearly interest rate by 12 (the number of months in a year):

30% / 12 = 2.5%

Therefore, the monthly interest rate on your credit card is 2.5%.

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