➷ Simply divide this value by the number of months:
23/12 = 1.916
The equivalent monthly interest rate is 1.916%
➶ Hope This Helps You!
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Answer:
The equivalent monthly interest rate would be 1.92% (approx)
Step-by-step explanation:
Given,
The annual interest rate = 23 %,
Since, 1 year = 12 month,
Thus, the monthly interest rate = [tex]\frac{\text{Annual interest rate}}{12}[/tex]
[tex]=\frac{23}{12}[/tex]
[tex]=1.9166667\%[/tex]
[tex]=1.92\%[/tex]
Hence, the equivalent monthly interest rate would be 1.92% (approx)
