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Blythe is completing calculations to determine if she can afford a new car. The bank offers her an annual interest rate of 3%. If she plans to make monthly payments, what would be her monthly interest
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Blythe is completing calculations to determine if she can afford a new car. The bank offers her an annual interest rate of 3%. If she plans to make monthly payments, what would be her monthly interest rate?

Write the answer as a percent.

User Nappstir
by
8.9k points

1 Answer

3 votes

0.25%

Explanation:

0.03 divided by 12 = 0.25%

User Gzbwb
by
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