20 points and brainiest!
i really need with this math question.

a credit card advertises an annual interest rate of 23%.
what is the equivalent monthly interest rate?

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1.74 %

If 23% is compounded each month, there will be 12 intervals and then the monthly rate is: 23 ÷ 12 = 1.92 %

If 23% is compounded annually, then the monthly rate would be:

Rate = (1 + 23%)⁰°⁸³³ (power is 0.833 or 1/12)

= 1.23⁰°⁸³³ (power is 0.833 or 1/12)

= 1.0174 - 1 x 100

= 1.74 %

step-by-step explanation: noo

seems like d

step-by-step explanation: