Breaking News: Grepper is joining You.com. Read the official announcement!

how to calculate interest rate per month

Zenonymous answered on August 24, 2021 Popularity 8/10 Helpfulness 3/10

answer how to calculate interest rate per month

how to calculate interest rate per month

Comment

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%

@Zenonymous

Popularity 8/10 Helpfulness 3/10 Language whatever

Source: Grepper

Tags: rate whatever

Link to this answer
Share Copy Link

Contributed on Aug 24 2021

Zenonymous

0 Answers Avg Quality 2/10

Continue with Google

By continuing, I agree that I have read and agree to Greppers's Terms of Service and Privacy Policy.

how to calculate interest rate per month

Contents

More Related Answers

how to calculate interest rate per month

Grepper

Documentation

Social

Legal

Contact

Oops, You will need to install Grepper and log-in to perform this action.