Converting AER to a Monthly Rate Simplified Revision Notes for Leaving Cert Mathematics

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Converting AER to a Monthly Rate

In some cases AER may need to be converted monthly or weekly. There are 12 months in a year and 52 weeks.

\text{Monthly Rate}=(1+\text{AER})^\tfrac{1}{12}-1

\text{Weekly Rate}=(1+\text{AER})^\tfrac{1}{52}-1

Example

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Find the monthly compound interest rate which is equivalent to an AER of $4 \%$ .

(1+0.04)^\tfrac{1}{12}-1=:success[0.327 \%]

Example

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Find the weekly compound interest rate which is equivalent to an AER of $4 \%$ .

(1+0.04)^\tfrac{1}{52}-1=:success[0.0755\%]

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