Question 1167060
it's easy to confuse the two, and while the differences may be small, they can be significant.
the rate per month is (0.032/12)=0.00266667
add 1 to get 1.00266667
raise it to the 12th power (the "^" after the number.)
1.00266667^12=1.03247
subtract 1
0.03247 or 3.25% rounded.