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Annual Percentage Rate (APR) to Monthly Rate

Convert APR to monthly interest rate for loan and credit card payment calculations.

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How to use this converter
  1. 1Enter APR.
  2. 2Monthly rate appears instantly.
Common questions
24% APR ÷ 12 = 2% per month. On $1000 balance = $20 interest/month.
APR is the simple annual rate. APY includes compounding. Credit cards use APR; savings accounts use APY.
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