To calculate the annual interest rate of 18 percent per month, you first need to multiply the monthly rate by 12 to get the annual rate. So, 18 percent per month would be 18% x 12 = 216% per year. This means that the interest accrued annually would be 216% of the initial amount borrowed or invested.
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12% per year
Well lets see here... 44000/12=3666
30 years
12000 per year is 20 percent of 60000
$1,666.67 per month.