Math, asked by uditjan6738, 1 year ago

How do you convert an annual rate to a monthly rate?

Answers

Answered by Th3Br0kensmile
1

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➡️To convert an annual interest rate to monthly, use the formula "i" divided by "n," or interest divided by payment periods. For example, to determine the monthly rate on a $1,200 loan with one year of payments and a 10 percent APR, divide by 12, or 10 ÷ 12, to arrive at 0.0083 percent as the monthly rate.

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