If the simple interest for 100 rupees for 1 month is 1 rupee,
a)what is the interest for 100 rupees for one year?
b)what is the rate of interest?
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To calculate the monthly accrued interest on a loan or investment, you first need to determine the monthly interest rate by dividing the annual interest rate by 12. Next, divide this amount by 100 to convert from a percentage to a decimal. For example, 1% becomes 0.01.
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