Example: Assume you have an APY or APR of 10%. What is your monthly interest rate, and how much would you pay or earn on $2,000?

Convert the annual rate from a percent to a decimal by dividing by 100: 10/100 = 0.10

Now divide that number by 12 to get the monthly interest rate in decimal form: 0.10/12 = 0.0083

To calculate the monthly interest on $2,000, multiply that number by the total amount: 0.0083 x $2,000 = $16.60 per month

Convert the monthly rate in decimal format back to a percentage (by multiplying by 100): 0.0083 x 100 = 0.83%

Your monthly interest rate is 0.83%

@Zenonymous