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Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?
Wiki User
∙ 8y ago
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
Wiki User
∙ 9y ago
Wiki User
∙ 8y ago14.40
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Calculate the annual interest rate on a credit card if the monthly interest is 1.2 percent?
14.4%
Calculate the monthly interest rate on a credit card that charges 18 percent annual interest?
1.5 or 1.50
What is the formula to calculate monthly interest rate if the annual interest rate is known?
Annual Interest Rate divided by 12= Monthly Interest Rate
What is the monthly interest rate if the annual interest rate is 18 percent?
1.5% monthly
How do you calculate monthly interest rate on an annual interest rate?
If not compounded monthly, a monthly interest rate is simply 1/12 of the annual rate. Things do get complicated, though if the interest is compounded monthly. An annual interest rate of R% is equivalent to a monthly rate of 100*[(1 + R/100)^(1/12) - 1] %
Calculate the annual interest rate on a credit card if the monthly interest is 1.2 percent?
14.4%
What does 2 percent monthly interest translate to in annual interest?
Multiply the monthly interest rate by the number of months is a year to calculate the annual interest rate: 2% x 12mo = 24%
Calculate the monthly interest rate on a credit card that charges 18 percent annual interest?
1.5 or 1.50
What is the formula to calculate monthly interest rate if the annual interest rate is known?
Annual Interest Rate divided by 12= Monthly Interest Rate
What is the monthly interest rate if the annual interest rate is 18 percent?
1.5% monthly
What is the monthly interest rate on 18 percent annual rate?
1.5% monthly
How do you calculate monthly interest rate on an annual interest rate?
If not compounded monthly, a monthly interest rate is simply 1/12 of the annual rate. Things do get complicated, though if the interest is compounded monthly. An annual interest rate of R% is equivalent to a monthly rate of 100*[(1 + R/100)^(1/12) - 1] %
What is the effective annual rate of 8 percent interest that is compounded monthly?
0.67 percent
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2.?
14.4 %. A+
What is monthly interest if balance is 20500 at interest rate of 6.5 percent?
Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.
What is the monthly interest rate if the annual interest rate on a credit card is 21 percent?
1.75%
If Camon has a 21 percent annual interest rate what is his monthly interest rate?
1 3/4%
