Answer to Question #255854 in Financial Math for nanacy

Question #255854

With

j1=7.7%, what is an equivalent

j12?

Expert's answer

J₁= J₁₂ x 12

Given J₁= 7.7% (annual interest), we substitute in the above equation to determine monthly interest (J₁₂)

7.7 = J₁₂ x 12

J₁₂ =7.7/12

J₁₂ =0.64%

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