Convert the Annual Rate to a Monthly Rate

question 3

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:

Recover Damages

Refers to the obtainment of financial compensation for harm or loss suffered, through a legal process.

Reasonable Effort

A degree of effort that a prudent person would consider sufficient under given circumstances.

Specific Performance

A legal remedy requiring a party to perform their part of a contract, rather than simply paying damages for non-performance.

Personal Services

Services provided by individuals that require a personal presence and talent, often relating to care, advice, or aesthetic enjoyment.