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the annual interest rate of Jacques' savings account is 3.6%, and simple interest is calculated monthly. What is the periodic interest rate of Jacques' account?
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the annual interest rate of Jacques' savings account is 3.6%, and simple interest is calculated monthly. What is the periodic interest rate of Jacques' account?

User Roomana
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2 Answers

0 votes

Answer:

0.03% on Apex

Explanation:

User Oderik
by
5.9k points
2 votes
3.6% per year works out to (3.6/12)% per month, or 0.3% per month.
User Suenda
by
6.1k points
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