JoaquimN403902 JoaquimN403902

30-10-2022
Mathematics

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Calculate the monthly percentage rate if the APR is 16.99%. Round your monthly percentage rate to the nearest hundredth of a percent.

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LaurelaiY261120 LaurelaiY261120

30-10-2022

Given:

APR = 16.99%

The Annual Percentage Rate is the interest rate charged yearly.

Given that there are 12 months in a year, to find the monthly percentage, divide the APR by 12.

Therefore, we have:

[tex]\text{Monthly percentage = }\frac{16.99}{12}=1.42^{}\text{ percent}[/tex]

Therefore, the monthly percentage rate to the nearest hundreth of a percent is 1.42%

ANSWER:

1.42%

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