A credit card bill shows a balance due of $750 with a minimum payment of $15 and a monthly interest rate of 1.62%. What is the APR?
A) 17.28%
B) 18.72%
C) 19.44%
D) 21.26%

Name: A credit card bill shows a balance due of $750 with a minimum payment of $15 and a monthly interest rate of 1.62%. What is the APR? A) 17.28% B) 18.72% C) 19.44% D) 21.26%
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Question

Quizplus · Accepted Answer

The APR can be calculated by multiplying the monthly interest rate by 12 (months in a year). So, 1.62% * 12 = 19.44%.

A Credit Card Bill Shows a Balance Due of $750