How to convert monthly interest rate and annualized interest rate?

The conversion method is as follows:

Monthly interest rate = annualized interest rate ÷12; Annualized interest rate = monthly interest rate × 12. Taking the annualized interest rate as an example, the monthly interest rate is 7.2%12 = 0.6%. Similarly, if the monthly interest rate is 0.6%, the annualized interest rate is 0.6%× 12=7.2%.

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