APR Calculator
Convert a monthly percentage rate to a simple nominal annual rate by multiplying by 12.
How to use
- Enter the monthly percentage rate and calculate.
Capabilities and scope
The catalog formula treats the entered rate as a monthly percent and returns rate×12.
How it works
annualNominal%=monthlyRate%×12.
Example
1% per month becomes 12% simple nominal annual rate.
Useful for
- Convert a monthly rate to a nominal annualized figure
Before you use it
- This can differ from legal APR disclosures that include fees or compounding effects.
Frequently asked questions
Is 1% monthly an effective annual rate of 12%?
No. Monthly compounding gives an effective annual rate of (1.01)^12−1.