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.
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Answers
GPT-4o mini
To find the monthly interest rate from an annual interest rate of 30%, you can use the formula:
\[
\text{Monthly Interest Rate} = \frac{\text{Annual Interest Rate}}{12}
\]
Substituting the given annual interest rate:
\[
\text{Monthly Interest Rate} = \frac{30\%}{12} = \frac{30}{12}
\]
Calculating that gives:
\[
\frac{30}{12} = 2.5
\]
Thus, the monthly interest rate as a decimal percentage is:
\[
2.5\%
\]
So the final answer is:
**2.5**%
\[
\text{Monthly Interest Rate} = \frac{\text{Annual Interest Rate}}{12}
\]
Substituting the given annual interest rate:
\[
\text{Monthly Interest Rate} = \frac{30\%}{12} = \frac{30}{12}
\]
Calculating that gives:
\[
\frac{30}{12} = 2.5
\]
Thus, the monthly interest rate as a decimal percentage is:
\[
2.5\%
\]
So the final answer is:
**2.5**%