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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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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

User LenglBoy
by
6.4k points

1 Answer

4 votes
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
User Sergey Vaulin
by
6.7k points
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