A student is given a credit card with a monthly interest rate of 1.5% If the student has a balance of $500 on the card for one month, what is the APR (Annual Percentage Rate) of the credit card?

To find the APR, multiply the monthly interest rate by 12 months: 1.5% × 12 = 18%. The $500 balance does not change the annual percentage rate. Therefore, the APR is 18 percent, choice A.

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