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
1.5% monthly
1.75%
The 5% interest rate of 1194 is 59.7
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).
0.04849%
0.050410958904109589041095890410959%
1.5% monthly
500 principal, 10 percent annual rate => 50 annual interest 2 year => 100 total interest.
1 3/4%
$6.66
22.8 or 22.80
22.8 or 22.80