Q: Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?

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14.4%

1.5 or 1.50

Annual Interest Rate divided by 12= Monthly Interest Rate

1.5% monthly

If not compounded monthly, a monthly interest rate is simply 1/12 of the annual rate. Things do get complicated, though if the interest is compounded monthly. An annual interest rate of R% is equivalent to a monthly rate of 100*[(1 + R/100)^(1/12) - 1] %

Related questions

14.4%

Multiply the monthly interest rate by the number of months is a year to calculate the annual interest rate: 2% x 12mo = 24%

1.5 or 1.50

Annual Interest Rate divided by 12= Monthly Interest Rate

1.5% monthly

1.5% monthly

If not compounded monthly, a monthly interest rate is simply 1/12 of the annual rate. Things do get complicated, though if the interest is compounded monthly. An annual interest rate of R% is equivalent to a monthly rate of 100*[(1 + R/100)^(1/12) - 1] %

14.4 %. A+

0.67 percent

Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.

1.75%

1 3/4%