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Finance Question: Your credit card company charges you 1.65 percent interest per month.?
Your credit card company charges you 1.65 percent interest per month. What is the annual percentage rate on your account?
21.25 percent
18.95 percent
20.90 percent
21.70 percent <---- it's not this one
19.80 percent
Thank you!
1 Answer
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- MoneyMenLv 77 years ago
21.70 would be the effective rate, assuming the interest compounds monthly.
But the stated rate is just 1.65% * 12.
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