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Since the quoted yearly percentage rate is not a compounded rate, the monthly percentage rate is simply the yearly percentage rate divided by 12. For example, if the yearly percentage rate was 6% (i.e. 0.06), then r would be / or 0.5% (i.e. 0.005). N - the number of monthly payments, called the loan's term, and
The prime rate is used often as an index in calculating rate changes to adjustable rate mortgages (ARM) and other variable rate short term loans. It is used in the calculation of some private student loans. Many credit cards with variable interest rates have their rate specified as the prime rate (index) plus a fixed value commonly called the ...
On 27 July 2010, the Bank of Thailand announced that the 16th-series banknotes would enter circulation in December 2010. [59] [60] On 9 August 2012, the Bank of Thailand issued a new denomination banknote, 80 baht, to commemorate queen Sirikit's 80th birthday. [61] It was the first Thai banknote that featured Crane's MOTION security thread.