It is 100*[(1.12)1/12 - 1] = 100*(1.00949 - 1) approx = 0.949%
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1.5% monthly
1.75%
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).
500 principal, 10 percent annual rate => 50 annual interest 2 year => 100 total interest.
22.8 or 22.80