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The annual interest rate of Jacques' savings account is 3.6%, and simple interest is calculated monthly. What is the periodic interest rate of Jacques' account?

The annual interest rate of Jacques' savings account is 3.6%, and simple interest is calculated monthly. What is the periodic interest rate of Jacques' account?
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3 votes
the annual interest rate of Jacques' savings account is 3.6%, and simple interest is calculated monthly. What is the periodic interest rate of Jacques' account?

asked
User Roomana
by
8.0k points

2 Answers

0 votes

Answer:

0.03% on Apex

Explanation:

answered
User Oderik
by
8.0k points
2 votes
3.6% per year works out to (3.6/12)% per month, or 0.3% per month.
answered
User Suenda
by
8.4k points
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