: How do I calculate the percentage interest rate based on the monthly payment in a savings account? I had 189,349.16 in my bank and my bank gives profit every month. I got 356.68 Rs profit this month. How do I calculate percentage

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First, calculate your monthly interest rate. You do this by finding the percentage of your total amount the interest was:

356.68 / 189,349.16 = 0.188%

Over the course of the year, you will receive 0.188% every month (assuming the same interest rate the entire year). You can calculate how this is for the entire year by doing:

(1 + 0.00188) ^ 12 = 1.022

This means your interest rate is about 2.2% over the entire year.