# 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%.

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