If an annual interest rate is 9%,the monthly interest rate is expressed as ____.
A) .09/12
B) 12/9%
C) 12*9%
D) .09*12

Name: If an annual interest rate is 9%,the monthly interest rate is expressed as ____. A) .09/12 B) 12/9% C) 12*9% D) .09*12
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Question

Quizplus · Accepted Answer

To find the monthly interest rate, we need to divide the annual interest rate by 12 (the number of months in a year). So, 9% ÷ 12 = 0.09 ÷ 12 = 0.0075 or 0.75%. Therefore, choice A is the correct expression of the monthly interest rate.

If an Annual Interest Rate Is 9%,the Monthly Interest Rate