Determine the quarterly, monthly, and daily interest rates for an APR of 10%
APR= | 10% | ||||
Quarterly Interest rate=(.10/4) | 0.025 | ||||
or (.025*100) | 2.5 | % | |||
APR= | 10% | ||||
Monthly Interest rate=(.10/12) | 0.008333 | ||||
or (.00833*100) | 0.833 | % | |||
APR= | 10% | ||||
Daily Interest rate=(.10/365) | 0.000274 | ||||
or (.000274*100) | 0.027 | % |
Determine the quarterly, monthly, and daily interest rates for an APR of 10%
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