Ask your own question, for FREE!
Mathematics 15 Online
OpenStudy (anonymous):

Monthly interest rate: 1.6% APR:_________

OpenStudy (anonymous):

Okay suppose the principle is \(1\). Then the amount after 12 months is:\[ 1(1+0.016)^{12} = 1.20983 \]We subtract out the principle and get a rate of \(20.983\%\)

Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!
Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!