In calculating the monthly payment for a loan with an 8.5% interest rate compounded monthly, what value should be used for i, the interest rate per period, as it appears in the following formula?

0.85.

Step-by-step explanation:

In calculating the monthly payment for a loan with an i% interest rate compounded monthly, the value of the interest rate per period we use in the formula we first convert it decimal form.

Now the given rate of interest i= 85%

To convert it in decimal, we divide it by 100, we get

i=

Hence, the value should be used for i in the formula of calculation the monthy payment , the interest rate per period is 0.85

id

step-by-step explanation:

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