If not compounded monthly, a monthly interest rate is simply 1/12 of the annual rate.
Things do get complicated, though if the interest is compounded monthly. An annual interest rate of R% is equivalent to a monthly rate of
100*[(1 + R/100)^(1/12) - 1] %
Annual Interest Rate divided by 12= Monthly Interest Rate
14.4 %. A+
14.4%
1.5% monthly
1.5 or 1.50
Annual Interest Rate divided by 12= Monthly Interest Rate
14.4 %. A+
Multiply the monthly interest rate by the number of months is a year to calculate the annual interest rate: 2% x 12mo = 24%
Let i = annual rate of interest. Then i' = ((1+i )^(1/12))-1 Where i' = monthly rate of interest
14.4%
1.5% monthly