If the simple annual interest rate on a loan is 6, what is the interest rate in percentage per month?

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.

I'm adding on to the other person's answer (I know this is really late since this is four years ago, but I'm doing it for the points). The difference of two decimals can also be an integer when they both have different signs and the decimal parts add up to 1.