A few days ago
Math Help?
nna pays $40 when the credit card statement comes in. How much is the unpaid balance?
he yearly rate is 21% (or .21). How much is the MONTHLY rate? (Yearly rate ÷ 12 = monthly rate.)
I’m not good at math, please help me
Top 1 Answers
A few days ago
Favorite Answer
You’re missing some information. Without the previous balance we do not know the new unpaid balance, or the base upon which interest is charged.
The monthly rate is .21/12 = .0175 = 1.75%, but beware of the effect of compounding, which can make the effective interes trate higher!
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