You take out a $22,500 car loan at 9.6% APR What is the monthly or periodic interest rate?

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asked Oct 24, 2020 183k views

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Fabio Iotti · Answer 1 · 2020-10-30T11:45:06+0000

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%

You take out a $22,500 car loan at 9.6% APR What is the monthly or periodic interest rate?

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

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You take out a $22,500 car loan at 9.6% APR What is the monthly or periodic interest rate?