Answer:
0.5 %
Step-by-step explanation:
Annual rate = 6 %/yr
Monthly rate = ¹/₁₂ × 6 = 0.5 %/mo
If you invested $100 at 6 % annual simple interest, you would have $106 at the end of the year.
Simple interest is calculated only on the principal.
If the interest were calculated at 0.5 % monthly simple interest, you would get $0.50 at the end of each month. At the end of 12 mo, you would have $106.
