answersLogoWhite

0

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

User Avatar

Wiki User

17y ago

What else can I help you with?

Continue Learning about Accounting

What rate offers does Nationwide International have for high balance accounts?

Nationwide International offers a special interest rate for those with high balance accounts. You can choose between an annual or monthly interest rate. For accounts with a balance of more than 25,000 pounds, the annual interest rate is 1.6%, while the monthly interest rate is 1.5%.


How much a saving account pay monthly?

The interest paid on a savings account varies depending on the financial institution and current interest rates, but it typically ranges from 0.01% to around 1.00% annually. To calculate the monthly interest, you can divide the annual interest rate by 12 and multiply it by the account balance. For example, on a $10,000 balance with a 0.5% annual rate, you would earn about $4.17 per month. Always check with your bank for the specific rates they offer.


Julio has a revolving credit account at an annual percentage rate of 18 percent His previous monthly balance is 362.11 Find the new balance if Julio's account showed the following activity?

$639.90


How do you convert a biweekly payroll to a monthly payroll?

To convert a biweekly payroll to a monthly payroll, first determine the employee's gross biweekly pay. Multiply this amount by 26 (the number of biweekly pay periods in a year) to get the annual salary. Then, divide the annual salary by 12 to find the equivalent monthly pay. This method ensures that the monthly payroll reflects the total annual earnings accurately.


How do you covert annual salary to semimonthly pay?

divide annual salary by 24. That will give you twice monthly pay.

Related Questions

What is the monthly interest rate if the annual interest rate is 18 percent?

1.5% monthly


What is the monthly interest rate on 18 percent annual rate?

1.5% monthly


How much is monthly interest on 150000 at 3 percent?

To calculate the monthly interest on $150,000 at an annual interest rate of 3 percent, first convert the annual rate to a monthly rate by dividing by 12. This gives a monthly rate of 0.25 percent (3% ÷ 12). Then, multiply the principal amount by the monthly rate: $150,000 × 0.0025 = $375. Therefore, the monthly interest is $375.


What is the effective annual rate of 8 percent interest that is compounded monthly?

0.67 percent


What is monthly interest if balance is 20500 at interest rate of 6.5 percent?

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


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 is 1.2 percent?

14.4%


If Camon has a 21 percent annual interest rate what is his monthly interest rate?

1 3/4%


If Dexter pays a monthly interest rate of 1.9 percent what is his annual percent rate?

22.8 or 22.80


What if Dexter pays a monthly interest rate of 1.9 percent what is his annual percent rate?

22.8 or 22.80


How much monthly interest would you make from 50000 at 3 percent interest?

To calculate the monthly interest from an investment of $50,000 at a 3% annual interest rate, you first divide the annual rate by 12 months. This gives you a monthly interest rate of 0.25% (3% ÷ 12). Multiplying this monthly rate by the principal amount ($50,000) results in a monthly interest of $125.


What is the monthly interest rate of and annual 10 percent rate?

It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %