The Average Annual Percentage Rate (APR) for Credit Cards Held

Short Answer

The average annual percentage rate (APR) for credit cards held by U.S. consumers is approximately 15 percent ("Ouch - Credit Card APR Now Tops 15 Percent," Time, January 3, 2012). Suppose the APR for new credit card offers is normally distributed with a mean of 15% and a standard deviation of 4%. What APR must a credit card charge to be in the bottom 10% of all cards?