When renting canoes, there is an initial fee that is the same for all rentals and an hourly fee for
using the canoe. renting a canoe for 5 hours will cost you $60 while renting it for 8 hours
will cost you 584. what is the initial fee and the hourly fee for renting the canoe?

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

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

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.