The bank said that the monthly interest rate is 4.4% and the annual interest rate is 9.6%. Please tell me how this is calculated. Conversion between annual interest rate and monthly interest rate. This is a mortgage loan.
This is the bank fooling you.
annual interest rate
= monthly interest rate * 12
=0.44%* 12
=5.28%
If the annual interest rate is 9.6%
therefore
monthly interest rate
= annual interest rate/12
=9.6%/ 12
=0.8%