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03-04-2019
Mathematics

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What is the monthly interest rate corresponding to 24% APR with a debt of $10000

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MrsSeifried MrsSeifried

03-04-2019

Answer: 2%

Step-by-step explanation: The APR is the annual percentage rate, which is the amount of interest that you pay in one year. In order to calculate the monthly rate you divide the annual rate by 12 months. 24% / 12 months = 2%

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