Convert the Annual Rate to a Monthly Rate

question 21

Short Answer

Convert the annual rate to a monthly rate. Then, compute the simple interest on a monthly basis. Round answers to the nearest cent.
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Definitions:

Tangible Assets

Physical assets that have a defined monetary value and can be touched or seen, such as machinery, buildings, and vehicles.

Tangible Asset

Assets that have physical substance and can be touched, such as machinery, buildings, and land.

Inventory

A complete list or stock of goods and materials held by a business to meet customer demand.

Tangible Assets

Assets that have a physical form such as property, plant, and equipment.