Question

Please help > p finance
photo attached.

Answer 1

A 0.00525

Explanation:

Interest rate has to be a decimal.

To convert percent to a decimal, divide by 100:

6.3% = 6.3/100 = 0.063

For the monthly rate, divide 0.063 by 12 (since there are 12 months in a year):

0.063/12 = 0.00525

Therefore, r = 0.00525