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If the annual interest rate is 12%, what is the monthly interest rate?
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If the annual interest rate is 12%, what is the monthly interest rate?

If the annual interest rate is 12%, what is the monthly interest rate?-example-1
User Bschreck
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1 Answer

9 votes

Answer:

1%

Explanation:

since there are 12 months in a year, 12 divided by 12 = 1 therefore it's 1% per month

User Jobert
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