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03-04-2019
Mathematics

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What is the monthly interest rate corresponding to 24% apr

What is the monthly interest rate corresponding to 24 apr class=

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03-04-2019

Answer:

To calculate the monthly accrued interest on a loan or investment, you first need to determine the monthly interest rate by dividing the annual interest rate by 12. Next, divide this amount by 100 to convert from a percentage to a decimal. For example, 1% becomes 0.01.

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