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

asked May 22, 2023 147k views

3 votes

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3 votes

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

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4 votes

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%

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