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OpenStudy (anonymous):
A credit card advertises an annual interest rate of 23%. What is the equivalent monthly interest rate?
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jimthompson5910 (jim_thompson5910):
Divide the annual rate by 12 to get the monthly rate.
jimthompson5910 (jim_thompson5910):
Example: APR: 18% Monthly rate: (18%)/12 = 1.5% This isn't the answer as it's just an example
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