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PLEASE HELP ME!! 1.)Raymond is taking out a $30,000 loan to purchase a camper. His bank offers him a 5-year loan at a 9% annual interest rate. What is the monthly interest rate on the loan? 0.09 0.0009
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Nov 22, 2018
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PLEASE HELP ME!!
1.)Raymond is taking out a $30,000 loan to purchase a camper. His bank offers him a 5-year loan at a 9% annual interest rate.
What is the monthly interest rate on the loan?
0.09
0.0009
0.75
0.0075
Mathematics
high-school
LenglBoy
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LenglBoy
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If his annual interest rate is 9%, his monthly interest rate should be 9% divided by 12 (number of months in a year)
9% is the same as 0.09
0.09 / 12 = 0.0075
The correct answer is 0.0075
Sergey Vaulin
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Nov 27, 2018
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Sergey Vaulin
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