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09-02-2022
Mathematics

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Please help > p finance
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Please help gt p finance photo attached class=

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semsee45 semsee45

09-02-2022

Answer:

A 0.00525

Step-by-step explanation:

Interest rate has to be a decimal.

To convert percent to a decimal, divide by 100:

6.3% = 6.3/100 = 0.063

For the monthly rate, divide 0.063 by 12 (since there are 12 months in a year):

0.063/12 = 0.00525

Therefore, r = 0.00525

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