Question

How do u calculate monthly interest rate.? if u don't know plz don't say I don't know... let others say the answer.
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Answer 1

Answer:

1) Firstly, multiply the principal P, interest in percentage R and tenure T in years.

2) For yearly interest, divide the result of P*R*T by 100.

3) To get the monthly interest, divide the Simple Interest by 12 for 1 year, 24 months for 2 years and so on.

Answer 2

Answer:

Monthly interest={(pricipal×time×Rate)×100}×31

Explanation:

Generally a month consists of 31days so you can multiply either 30 or 31.

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