Question

A bank pays 0.8% interest per month. What is the interest rate for one year(months-years)

Answer 1

1 month = 0.8%

1 year = 12 Months.

12 Months = 12 X 0.8%

= 9.6%

Answer 2

Answer:

9.6 % Yearly

Step-by-step explanation:

Interest Rate ( monthly ) = 0.8%

Interest Rate ( yearly ) = 0.8 × 12 = 9.6%