183k views
0 votes
You take out a ​$22,500 car loan at 9.6​% APR What is the monthly or periodic interest​ rate?

1 Answer

6 votes

Answer:

0.8%

Explanation:

The monthly rate is found by dividing the annual rate by the number of months in a year. There are 12 months in a year, so the monthly rate is ...

9.6% / 12 = 0.8%

User Fabio Iotti
by
6.5k points