The annual interest rate of Mike's savings account is 4.8%, and simple interest is calculated monthly. What is the periodic inte rest rate of Mike's account?
2 answers:
Answer:
The correct option will be: d. 0.4% Apex
Step-by-step explanation:
The correct option will be: d. 0.4%
For finding the periodic interest rate , we need to divide the annual interest rate by the number of times interest calculated in a year.
Here, the simple interest is calculated monthly, that means the number of times interest calculated in a year will be 12.
Annual interest rate is 4.8%
So, the periodic interest rate =
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