What is the monthly interest rate if the annual interest rate is 24%?

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asked Oct 11, 2024 90.6k views

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Begarco · Answer 1 · 2024-10-15T16:50:35+0000

Answer: 2%

Explanation:

annual interest rate is based off a year
monthly is based off month
there are 12 months in a year, so to find the monthly interest you just divide the annual interest by 12.

What is the monthly interest rate if the annual interest rate is 24%?

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