Answer:
A 0.00525
Step-by-step explanation:
Interest rate has to be a decimal.
To convert percent to a decimal, divide by 100:
6.3% = 6.3/100 = 0.063
For the monthly rate, divide 0.063 by 12 (since there are 12 months in a year):
0.063/12 = 0.00525
Therefore, r = 0.00525
