Larry has decided to take out a loan for college. He expects to graduate 4 years and 9 months later and payments begin 6 months after graduation. He borrowed $6,000 from a federal loan program at a 5.5% interest rate. What will his montly interest rate be? Assume 30 day months.      - I CANT FIGURE WHAT FORMULA TO USE FOR THIS ONE PLEASE HELP MY EXAM IS TONIGHT.

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Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.