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To convert an annual rate to a monthly rate, divide the annual rate by 12. This will give you the equivalent monthly 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.
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.
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.
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The effective annual rate (EAR) is 5.09 when the annual percentage rate (APR) is 5 and compounding is done quarterly.
The effective annual rate for a credit card that carries a 9.9% annual percentage rate (compounded daily) is 10.4%.
The formula for calculating the effective annual rate (EAR) when using the annual percentage rate (APR) is: EAR (1 (APR/n))n - 1 Where: EAR is the effective annual rate APR is the annual percentage rate n is the number of compounding periods per year
Let i = annual rate of interest. Then i' = ((1+i )^(1/12))-1 Where i' = monthly rate of interest
To convert a monthly interest rate of 0.85% to an annual rate, you can use the formula: Annual Rate = Monthly Rate × 12. Therefore, 0.85% per month multiplied by 12 gives an annual rate of approximately 10.2%. Alternatively, if compounded monthly, the effective annual rate would be calculated as ( (1 + 0.0085)^{12} - 1 ), which results in about 10.63%.
Annual Interest Rate divided by 12= Monthly Interest Rate
Find the annual amount of FICA at a 7.51% rate by computing his annual salary