The bank charges interest at a rate of 14,5% per year on Kate's home loan.
If the bank charges interest every month, calculate the monthly interest rate
The monthly interest rate is 1.2083333% (14.5%/12).
Can yallz please follow my Tiktok?
Username: @itsjust_mehehe
Name: Omg
Profile Pic: Anime Guy w/ long hair
It is private but I will accept right away. Thanks!! <3
Whats a vulva? anyone know
To calculate the monthly interest rate, you'll need to convert the annual interest rate to a monthly rate. Here's how to do it:
Step 1: Convert the annual interest rate to a decimal:
14.5% = 14.5/100 = 0.145
Step 2: Divide the annual interest rate by 12 to get the monthly interest rate:
0.145/12 = 0.01208
So, the monthly interest rate on Kate's home loan is 0.01208, which is approximately 1.208%.