To calculate an annual rate,multiply the value returned by the RATE function by the number of payments per year._________________________

Name: To calculate an annual rate,multiply the value returned by the RATE function by the number of payments per year._________________________
Brand: Quizplus
Rating: 4.8 (30 reviews)

Question

Quizplus · Accepted Answer

This is true as the RATE function returns a monthly rate by default, so to get an annual rate it needs to be multiplied by the number of payments per year.

To Calculate an Annual Rate,multiply the Value Returned by the RATE