crp4973 crp4973

17-01-2023
Mathematics

Answered

A credit card advertises an APR of 21.99%. What would the MPR (monthly percentage rate) be?
a- 1.6825%
b- 1.8325%
c-2.2275 %
d- 2.2725%

Answer :

sqdancefan sqdancefan

17-01-2023

Answer:

b. 1.8325%

Step-by-step explanation:

You want the monthly percentage rate corresponding to an annual percentage rate of 21.99%.

Monthly rate

The rate for any part of a year is found by multiplying the annual rate by the fraction that part is of a year. A month is 1/12 of a year, so the monthly rate is ...

(1/12) × 21.99% = 1.8325%

The MPR is 1.8325%.

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