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Earn +20 ptsQ: What is the annual interest rate of 12 percent for 1 month?
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What is the monthly interest rate if the annual interest rate is 18 percent?
1.5% monthly
What is the monthly interest rate if the annual interest rate on a credit card is 21 percent?
1.75%
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
What is the simple interest for a loan with 500 principal 10 percent annual rate and a 2 year time period?
500 principal, 10 percent annual rate => 50 annual interest 2 year => 100 total interest.
If Dexter pays a monthly interest rate of 1.9 percent what is his annual percent rate?
22.8 or 22.80
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