How do I convert monthly interest to an annual rate?

Answer Calculate Monthly Interest RateDivide the amount of interest paid in the month by the balance of the account to calculate the monthly interest rate. For example, if you were paid 80 cents of intere... Read More »

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What is a monthly interest rate?

Interest is a term the refers to a certain type of growth imposed on a financial account. It is expressed as a percentage of the account's total and may apply to savings accounts or debts owed. The... Read More »

What is an annual interest rate?

An annual interest rate is the cost to borrow money expressed as a yearly percentage. The annual percentage rate also includes any fees or costs associated with the transaction according to the web... Read More »

What is apy&annual interest rate?

Interest is a fee that is paid to borrow money. When you deposit money in a bank savings account or certificate of deposit, the bank pays you interest. Depending on how your interest is calculated,... Read More »

How do i calculate effective annual interest rate on a car loan?

Gather InformationLook up the annual percentage rate, or APR, of your car loan. Convert it to a decimal by removing the percent symbol and moving the decimal point two spots to the left. For exampl... Read More »