Question

Write the equivalent rate.

$\frac{\$33,000}{\text{1year}}=\frac{?\text{dollars}}{1\text{month}}$

Short answer

The equivalent rate of $\frac{\$33,000}{\text{1year}}$ is $2750 per month.

Step-by-step solution

Step 1  . Given

The given rate is$\frac{\$33,000}{\text{1year}}$.

Step 2  .To determine

We have to determine the equivalent rate in dollars per month.

. Calculation 

In order to find an equivalent rate, we will convert from dollars per year to dollars per month.

For that, we multiply the rate by a conversion factor.

We know that 12 months = 1 years, it means.$\frac{\text{1year}}{\text{12months}}=1$

$\begin{array}{l}\frac{\$33,000}{\text{1year}}\\ \Rightarrow \frac{\$33,000}{\text{1year}}\times \frac{\text{1year}}{\text{12months}}\left[\text{Multiplyratebycommonconversionfactor}\right]\\ \Rightarrow \frac{\$\stackrel{2750}{\cancel{33,000}}}{\text{1}\cancel{\text{year}}}\times \frac{\text{1}\cancel{\text{year}}}{\cancel{\underset{1}{12}}\text{months}}\left[\text{Divideoutcommonfactorandunit}\right]\\ \Rightarrow \frac{\text{\$2750}}{1\text{month}}\left[\text{Simplify}\right]\end{array}$

So, the equivalent rate of $\frac{\$33,000}{\text{1year}}$ is $2750 per month.