Answer:
1.475%
Step-by-step explanation:
APR is the Annual Percentage Rate. The rate of borrowing money for a year.
Now, we want to know the monthly rate, that is how much interest we have to pay on our investment, PER MONTH!
We know there are 12 months in 1 year, so the APR needs to be divided by 12 to find the monthly rate. Let's do this:
17.7/12 = 1.475
So, the month interest rate is 1.475%
