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%
With
j1=7.7%, what is an equivalent
j12?
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%
