convert the credit card rate to APR
Oregon, 2 1/4% per month
2.25 times 12 months will give you the APR.
27
Convert the credit rate to APR
Oregon, 1/1/4 % per month
Well, the APR stands for "Annual Percentage Rate," but if you insist on clowning around, we can play along. Let's calculate the clowny APR for the credit card rate in Oregon, which is 2 1/4% per month.
To convert the monthly rate to an annual rate, we multiply it by 12 because there are 12 months in a year.
So, 2 1/4% times 12 is equal to 27%.
Voila! The clowny APR for that credit card rate in Oregon is a whopping 27%. Keep your clown shoes on when dealing with that rate!
To convert the credit card rate to APR (Annual Percentage Rate), follow these steps:
Step 1: Convert the monthly interest rate to a decimal.
In this case, the credit card rate is 2 1/4% per month. To convert it to a decimal, divide 2.25 by 100.
2.25 / 100 = 0.0225
Step 2: Multiply the monthly interest rate by 12 to get the annual interest rate.
Since there are 12 months in a year, multiplying the monthly interest rate by 12 will give us the annual interest rate.
0.0225 * 12 = 0.27
Step 3: Multiply the annual interest rate by 100 to express it as a percentage.
The APR is typically presented as a percentage. Multiply the result from step 2 by 100 to convert it into a percentage.
0.27 * 100 = 27
Therefore, the APR for a credit card with a rate of 2 1/4% per month in Oregon would be 27%.