Asked by Stephanie Schiwietz on Jul 02, 2024
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Convert the annual rate to a monthly rate. Then, compute the simple interest on a monthly basis. Round answers to the nearest cent.
Simple Interest
Interest calculated on the principal portion of a loan or deposit, using a simple calculation that does not compound.
Monthly Basis
An occurrence or calculation that happens every month.
Round Answers
Round Answers indicates the practice of adjusting numerical answers to a specified degree of precision, often the nearest whole number, to simplify presentation or calculation.
- Translate annual interest rates into their monthly counterparts.
- Perform monthly simple interest calculations.
Verified Answer
TT
Learning Objectives
- Translate annual interest rates into their monthly counterparts.
- Perform monthly simple interest calculations.