Answer:
itz it true?
Step-by-step explanation:
To calculate a monthly interest rate, divide the annual rate by 12 to reflect the 12 months in the year. You'll need to convert from percentage to decimal format to complete these steps.
Example: Assume you have an APY or APR of 10%. What is your monthly interest rate, and how much would you pay or earn on $2,000?
Convert the annual rate from a percent to a decimal by dividing by 100: 10/100 = 0.10
Now divide that number by 12 to get the monthly interest rate in decimal form: 0.10/12 = 0.0083
To calculate the monthly interest on $2,000, multiply that number by the total amount: 0.0083 x $2,000 = $16.60 per month
Convert the monthly rate in decimal format back to a percentage (by multiplying by 100): 0.0083 x 100 = 0.83%
Your monthly interest rate is 0.83%
