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Question Your credit card, upon which you make monthly payments, has a quoted annual interest rate of 20.2 . What is the periodic interest rate? Calculate your answer to the nearest .01%. Do not use the % sign in your answer. Thus .83% would be .83 rather than .83% or .0083.

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Question

Your credit card, upon which you make monthly payments, has a quoted annual interest rate of 20.2 . What is the

periodic interest rate? Calculate your answer to the nearest .01%. Do not use the % sign in your answer. Thus .83% would be .83 rather than .83% or .0083.

 
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