Math help????

If XYZ Bank pays a monthly interest rate of 0.5%, how much is the yearly rate? Please show your equation.

Math help????credit cards

.05 to the twelth power, you can work it out from here

Math help???? loan

Whaaaaaa???! :0|||I may be wrong but I would assume that it would be 6% being 0.5% x 12 months.|||compounded?? search wikipedia for %26quot;interest formulas%26quot; --%26gt; its always better to do your own homework..|||12 months * .05% per month = 6% per annum|||0.5% x 12 months = 6%|||compund interest problem!!

suppose u have n dollars in the bank.

at the end of 1st month u%26#039;ll have $[n + (0.005 x n)] = (1.005 x n)

at the end of 2nd month u%26#039;ll have $(1.005 x 1.005 x n) = $(1.005^2 x n)

so at the end of 12th month u%26#039;ll have $([1.005^12] x n)

that is $1.06n.

so the interest rate is (0.06 x 100) = 6%.|||0.5% x 12 months in a year = 6.00