domonique16dh domonique16dh

15-12-2019
Mathematics

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You take out a $22,500 car loan at 9.6% APR What is the monthly or periodic interest rate?

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sqdancefan sqdancefan

16-12-2019

Answer:

0.8%

Step-by-step explanation:

The monthly rate is found by dividing the annual rate by the number of months in a year. There are 12 months in a year, so the monthly rate is ...

9.6% / 12 = 0.8%

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