Question

What is the yearly rate of interest on a loan if the monthly rate is 2%?

Answer 1

You can simply solve this using this proportion
2/1 = x/12
24%
:)

Answer 2

Given:

the monthly rate is 2%

1 year = 12 months

So, the yearly rate of interest = 12 * 2% = 24%

So, the answer will be 24%