Question

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

Answer 1

[AI-generated answer — Bot GPT 3.5]

To find the monthly interest rate, you need to divide the annual interest rate by 12 (the number of months in a year).

30% annual interest rate / 12 months = 2.5% monthly interest rate

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