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6.
Accounts that compound interest monthly always have an interest rate that is figured as a monthly rate.
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True.
If interest compounds monthly, the periodic rate used is the monthly rate (typically the quoted annual rate divided by 12), and interest is calculated each month using that monthly rate.
If interest compounds monthly, the periodic rate used is the monthly rate (typically the quoted annual rate divided by 12), and interest is calculated each month using that monthly rate.
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