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Mathematics

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Deovien is taking out a loan with an APR of 17.7% what is the monthly interest rate on the loan?

Answer :

TaeKwonDoIsDead TaeKwonDoIsDead

Today at 1:13 PM

Answer:

1.475%

Step-by-step explanation:

APR is the Annual Percentage Rate. The rate of borrowing money for a year.

Now, we want to know the monthly rate, that is how much interest we have to pay on our investment, PER MONTH!

We know there are 12 months in 1 year, so the APR needs to be divided by 12 to find the monthly rate. Let's do this:

17.7/12 = 1.475

So, the month interest rate is 1.475%

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