Question

What is the monthly interest rate if an annual rate is 12.3%? The monthly interest

(Type an integer or decimal rounded to two decimal places as needed.)​

Answer 1

Interest for 1 year=12.3℅

Interest for 12months=12.3℅

`\\ \qquad\quad\sf\longmapsto Interest\:for\:one\:Month`

`\\ \qquad\quad\sf\longmapsto (12.3)/(12)`

`\\ \qquad\quad\sf\longmapsto 1.025\℅`