Is this the same

[jeb100]

I see banks offering 3% interest - is this the same as .03? If so, if one offers .77%, is this the same as 7.7?

Tks - jb

 

[Steven G]

% means to divide by 100. So 6% = 6/100 = .06 and yes, 3% = 3/100 = .03

If .77%=7.7, then what would 7.7% equal? How about 7%?

 

[Otis]

3% interest - is this the same as .03?

Yes. We call 0.03 the 'decimal form' of 3%.

3.0 ÷ 100 = 0.03

.77%, is this the same as 7.7?

No. As Steven G explained, we divide 0.77 by 100 to get the decimal form of 0.77%.

A mental shortcut for dividing numbers by 100 is to move the decimal point two positions to the left.

0.01% = 0.0001
0.5% = 0.005
3.0% = 0.03
3.5% = 0.035
10.0% = 0.1
29.45% = 0.2945



[imath]\;[/imath]