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It's 11/12 percent of whatever principle you still owe.

Q: What is the monthly interest on 13 percent per annum?

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The same as 2% per year. Per annum means per year.

It will grow to nine eighths of the original sum.

Your capital in a poor savings account.

120 x (1.0621). You need a calculator with logarithms to solve this quickly. Take the log of 1.06, multiply that by 21 then take the antilog. The answer should be close to 3.4 I have 3.995636 which would give 407.95 to the nearest cent. Later: Sorry, this is based on annual compounding. For monthly the equation is 120 x (1.005252). You're on your own, I'm afraid! * * * * * The second part of the above answer is correct if this is purely a mathematical exercise. However, 6% compounded monthly is an annual interest rate of approx 101.2%. If you know anyone who gives even a tenth of that rate I would be interested to know! What happens, in real life, is that the financial company advertises the annual equivalent rate of their monthly rate. So, a 6% rate, compounded monthly, is really 0.487% monthly. This is because 0.487% compounded 12 times is 1.0048712 = 1.06, or 6% per annum. Then the real life problem reduces to 6% per annum for 21 years, which is 120*(1.06)21 = 407.95 - as in part 1 of the above answer. * * * * * The last paragraph above is incorrect. As was stated in the first answer, that would be for annual compounding. To calculate 6% per annum (which is what we usually mean by interest rates) compounded monthly, you first convert the interest rate to a monthly rate by dividing by 12, and that of course is half a percent per month, so every month the balance is multiplied by 1.005. So the answer of 120 x (1.005252) given there is correct. On the scientific calculator on my computer, I get $421.72.

After 5 years, 20000 at 7% per annum compounded semiannually will be 20000*(1 + 0.5*7/100)2*5 = 20000*(1.035)10 = 28211.98

Related questions

0.9938% per month, when compounded is equivalent to 12.6% annually.

If it is simple interest, then it is 2700. ■

P.C.P.A. stands for Percent Compounded Per Annum.

It means the percent of interest paid annually (p.a. means per annum).

$494.34 Interest= principal amount * time* simple interest %

60.75 per annum.

11501 per annum.

Rs 80.

It is 41575.40

Interest 1152,00 annual. Surely you can do better than 8%-look into a refi once you have been in a while & congrats on your new home.

216% per annum

P.C.P.A. is the "Percent Compounded Per Annum." This measurement is used when trying to determine the compound interest for previous years.