Seudónimo Seudónimo
  • 02-04-2020
  • Mathematics
contestada

What is the effective monthly rate for a quarterly rate of 11.25%?

A. 2.7%
B. 2.81%
C. 3.62 %
D. 3.75%

Respuesta :

amna04352
amna04352 amna04352
  • 02-04-2020

Answer:

D. 3.75%

Step-by-step explanation:

11.25/3month

3.75/month

Answer Link
nsert06 nsert06
  • 02-04-2020

Answer:

D.

Step-by-step explanation:

First, you have to change the rate to compound annually. To do that, multiply 11.25 percent by 4, because there are 4 groups of 3 months. You have now changed it to compounded yearly. Then take that percentage and divide it by 12 since there are 12 months. Then you get, 3.75 percent. Hope this helps!

Answer Link

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