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A pawnshop with a monthly interest rate of 3.15 percent would have an annual interest rate of percent. (Round your answer to 2 decimal places.) Multiple Choice 3.15 31.50 3780 1…

A pawnshop with a monthly interest rate of 3.15 percent would have an annual interest rate of percent. (Round your answer to 2 decimal places.) Multiple Choice 3.15 31.50 3780 1…
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A pawnshop with a monthly interest rate of 3.15 percent would have an annual interest rate of percent. (Round your answer to 2 decimal places.) Multiple Choice 3.15 31.50 3780 18.90 6.30

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User Norse
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8.2k points

1 Answer

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Annual is 1 year.

1 year has 12 months.

Multiply the monthly rate by 12:

3.15 x 12 = 37.80%

answered
User Ell Neal
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