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What is the monthly interest rate if the annual interest rate is 24%?
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What is the monthly interest rate if the annual interest rate is 24%?

User Balessan
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1 Answer

5 votes

Answer: 2%

Explanation:

annual interest rate is based off a year
monthly is based off month
there are 12 months in a year, so to find the monthly interest you just divide the annual interest by 12.

User Begarco
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