Ask Question
MathematicsMathematics
21 November, 18:11

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

+2
Answers (1)
  1. 21 November, 21:47
    0
    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%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Deovien is taking out a loan with an APR of 17.7% what is the monthly interest rate on the loan? ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Dule is cutting a 12 4/5 foot piece of wood to make shelves for his bedroom. Does Duke have enough wood to make four shelves measuring 2 7/8 feet each?
Answers (2)
A coin is weighted so that the probability of tails is 0.58. The coin is tossed 25 times, and the number of times tails is shown is recorded. This procedure 150 times with the number of times tails is shown noted each time.
Answers (1)
Identify the slope and y intercept of the equation y=-3x
Answers (2)
13. Product A is an 8 oz. bottle of cough medication that sells for $1.36. Product B is a 16 oz. bottle of cough medication that costs $3.20. Which product has the lower unit price? And show how you got your answer.
Answers (1)
Jordan has 1/3 of a bar of chocolate. He gives equal amounts of the chocolate to his 5 friends. What fraction of a bar of chocolate does each friend get?
Answers (1)
New Questions in Mathematics
For what values of x is x2-36=5x true? answer is b on edge
Answers (1)
In circle T, A. 3 B. 4 C. 6 D. 7
Answers (2)
What is the value of x when the Richter scale rating is 3.8?
Answers (2)
There are six marbles in a bag, three are green and Three are yellow. If you draw marble, replace it, and then draw another what is the probability of choosing two yellow marbles
Answers (2)
Simplify the following questions: 7f-5 (4f+9)
Answers (1)
Home » Mathematics » Deovien is taking out a loan with an APR of 17.7% what is the monthly interest rate on the loan?
Sign Up Forgot Password?