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To calculate the monthly interest on $150,000 at an annual interest rate of 3 percent, first convert the annual rate to a monthly rate by dividing by 12. This gives a monthly rate of 0.25 percent (3% ÷ 12). Then, multiply the principal amount by the monthly rate: $150,000 × 0.0025 = $375. Therefore, the monthly interest is $375.

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1mo ago

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