If Cameron has a 21% annual interest rate on his credit card, what is his monthly interest rate?

Solution:

Given 21% annual interest rate

We know that annual means 1 year

If you have an interest rate at 21% per 1yr

We know that 1 year has 12 months, so we can divide 21% by 12 to find

Interest per month

Interest per month = 21% / 12 = 1.75

Interest =1.75% / month

If Cameron has a 21% annual interest rate on his credit card, what is his monthly interest rate?

Summary:

If Cameron has a 21% annual interest rate on his credit card, then his monthly interest rate is 1.75%.