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Mike finds a deal with a yearly interest rate of 20%, how much is the monthly interest rate?

User Chenkehxx
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Answer: The monthly interest rate is 1.67%.

Step-by-step explanation: To find the monthly interest rate, we need to divide the yearly interest rate by the number of months in a year. Since there are 12 months in a year, we can divide the yearly interest rate by 12 to get the monthly interest rate.

The monthly interest rate can be calculated as:

Monthly interest rate = Yearly interest rate / 12

In this case, the yearly interest rate is 20%. So, the monthly interest rate can be calculated as:

Monthly interest rate = 20% / 12 = 1.67%

Therefore, the monthly interest rate is 1.67%.

User Jayesh Khasatiya
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