Convert the credit card rate to APR , Oregon, 2 1/4 per month
To convert a credit card rate to APR (Annual Percentage Rate), you need to multiply the monthly rate by 12. Here's how you can do it for the given example:
1. Start with the given credit card rate: 2 1/4 per month.
2. First, convert the fraction to a decimal. 1/4 is equivalent to 0.25.
3. Add the whole number and the decimal together: 2 + 0.25 = 2.25.
4. Multiply the monthly rate by 12 to convert it to an annual rate: 2.25 * 12 = 27.
So, the APR (Annual Percentage Rate) for a credit card with a monthly rate of 2 1/4 is 27%.