Assuming that the interest rate is 9.75% per year, the answer will depend on how often the interest is compounded.
0.67 percent
With simple interest, it is 1.5% per month. If compounded, it is 1.389% approx.
If you need a monthly income then obviously a monthly income is better. If the monthly interest is not withdrawn then it makes no difference because the annual interest rate is usually equal to the compounded monthly rate.
Compounded annually: 2552.56 Compounded monthly: 2566.72
On monthly compounding, the monthly rate is one twelfth of the annual rate. Example if it is 6% annual, compounded monthly, that is 0.5% per month.
1.5% monthly
1.5% monthly
Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.
90,000
1.75%
1 3/4%
14.651
19.2
22.8 or 22.80
22.8 or 22.80
It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %
Multiply the monthly interest rate by the number of months is a year to calculate the annual interest rate: 2% x 12mo = 24%