You just obtained a credit card. you immediately purchase a stereo system for $200. your credit limit is $1000. let’s assume that you make no payments and purchase nothing more and there are no other fees. the monthly interest rate is 1.42%. what is the growth rate of your credit card balance? a. 0.42 c. 14.2 b. 0.0142 d. 142 select the best answer from the choices provided

 b. 0.0142

Step-by-step explanation:

We know that the growth rate (r) of credit balance with monthly interest 'i' % is given by :-

Now, the given statement : The monthly interest rate is 1.42%.

Then, the  growth rate of your credit card balance will be :-

Hence, the  growth rate of your credit card balance =0.0142.

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the answer is c

hope this !