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The annual interest rate of Paul's savings account is 7.2 and simple interest is calculated monthly What is the periodic interest rate of Paul's account A1.8 B0.6 C0.4 D0.9?
7.2/12 = 0.6
How long will it take for the balance of an account to double if the savings account earns 0.75 annual interest compounded monthly?
To determine how long it will take for an account balance to double with an annual interest rate of 0.75% compounded monthly, you can use the Rule of 72 as a rough estimate. Dividing 72 by the interest rate (72 / 0.75) gives approximately 96 years. For a more precise calculation using the formula for compound interest, it would take about 93.5 years to double the investment.
What is formula to calculate monthly pay from annual rate?
/ by 12
The amount of interest is determined by multiplying the amount in savings by the?
Annual interest rate
How much more interest would be earned on a 100000 CD for 9 months than for 6 months?
To calculate the difference in interest earned on a $100,000 Certificate of Deposit (CD) for 9 months versus 6 months, you need to know the annual interest rate. Assuming the rate is fixed, the interest for 9 months would be 0.75 times the annual interest, while for 6 months it would be 0.5 times the annual interest. The additional interest earned for the extra 3 months would be equal to one-fourth of the annual interest amount. Therefore, the specific difference depends on the annual interest rate of the CD.
How to convert a monthly interest rate to an annual interest rate?
To convert a monthly interest rate to an annual interest rate, you can multiply the monthly rate by 12. This will give you the annual interest rate.
How can I convert an annual interest rate to a monthly interest rate?
To convert an annual interest rate to a monthly interest rate, divide the annual rate by 12. This will give you the equivalent monthly rate.
How can I calculate the monthly interest rate from an annual interest rate?
To calculate the monthly interest rate from an annual interest rate, divide the annual rate by 12. This will give you the monthly interest rate.
How can I convert an annual rate to a monthly rate?
To convert an annual rate to a monthly rate, divide the annual rate by 12. This will give you the equivalent monthly rate.
What is the formula to calculate monthly interest rate if the annual interest rate is known?
Annual Interest Rate divided by 12= Monthly Interest Rate
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.
Calculate the monthly interest rate for a credit card with an annual interest rate of 15.5?
To calculate the monthly interest rate from an annual interest rate of 15.5%, divide the annual rate by 12. Thus, the monthly interest rate is 15.5% ÷ 12 = 1.2917%. This means the monthly interest rate is approximately 1.29%.
How to convert a yearly interest rate to a monthly interest rate?
To convert a yearly interest rate to a monthly interest rate, divide the yearly rate by 12. This will give you the equivalent monthly interest rate.
How do you calculate monthly interest rate on an annual interest rate?
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] %
If Cameron has a 21 annual rate on his credit card what is his monthly interest rate?
To find Cameron's monthly interest rate from an annual rate of 21%, you divide the annual rate by 12 months. This means the monthly interest rate is 21% ÷ 12 = 1.75%. Therefore, Cameron's monthly interest rate is 1.75%.
What is the monthly interest rate if the annual interest rate is 18 percent?
1.5% monthly
If Cameron has a 21 annual interest rate what is his monthly interest rate?
To find the monthly interest rate from an annual interest rate of 21%, divide the annual rate by 12 (the number of months in a year). So, 21% ÷ 12 = 1.75%. Therefore, Cameron's monthly interest rate is 1.75%.
