Your credit card company quotes you a rate of 18.9 percent. interest is billed monthly. what is the actual rate of interest you are paying?

In your question, we are going to need to find how much interest we are going to actually pay as a whole.

In order to find the actual rate of interest, were are going to need to use the interest formula. We are using compound interest because this is the additional amount of money we are going to pay in interest alone.

A = Amount received

R = Rate (interest)

N = How many times in a year interest is billed

M = Length of months we are trying to find

Since we are trying to find the interest rate for a year, that would be 12 months. Our rate is 18.9%, but we need to turn it into decimal form. To turn it into decimal form, we would move the decimal place two times to the left, turning it to ".189". And we are getting billed 12 times in a year.

With the information we know, we can figure out our formula by plugging in.

Your equation should look like this:

Now we can solve:

We would remove the one in the beginning of our answer. We would need move the decimal two times to the right, and then we would need to round the decimal to the nearest hundredths.

When you move the decimal two times to the right, you would get "20.626"

With the number, we would need to round. Since 6 is a big number, you would round it to the 2, making the 2 increase my 1, turning it into a 3.

When you finish rounding, you should get "20.63"

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