The APR (Annual Percentage Rate) is the annualized version of the monthly interest rate. To convert a monthly rate to an annual rate, we use the following formula:

$\text{APR} = (1 + \text{monthly rate})^{12} - 1$

Given:

• Monthly rate = 1.41% = 0.0141

Now calculate the APR:

$\text{APR} = (1 + 0.0141)^{12} - 1$

Let me calculate that for you.The APR (Annual Percentage Rate) for a monthly interest rate of 1.41% is approximately 18.30%.

The correct answer is 18.30%.

Would you like further details or have any questions?

Here are 5 related questions:

1. How would the APR change if the monthly rate were 2%?
2. What is the formula to calculate the monthly rate from an APR?
3. How does compounding affect the APR calculation?
4. How does APR differ from effective annual interest rate (EAR)?
5. What is the difference between nominal APR and effective APR?

Tip: When converting monthly rates to APR, always account for compounding by raising to the power of 12.