Question
You have a credit card that has a 30% yearly interest rate. What percentage is the monthly interest rate? Express your answer as a decimal. Do not round your answer.(1 point)
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Answers
GPT-4o mini
To find the monthly interest rate from a yearly interest rate, you divide the yearly interest rate by the number of months in a year.
Given that the yearly interest rate is 30%, we can express it as a decimal:
\[
30\% = 0.30
\]
Now, divide this by 12 (the number of months in a year):
\[
\text{Monthly Interest Rate} = \frac{0.30}{12} = 0.025
\]
So, the monthly interest rate is \(0.025\) as a decimal.
Given that the yearly interest rate is 30%, we can express it as a decimal:
\[
30\% = 0.30
\]
Now, divide this by 12 (the number of months in a year):
\[
\text{Monthly Interest Rate} = \frac{0.30}{12} = 0.025
\]
So, the monthly interest rate is \(0.025\) as a decimal.