Answer: 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=[tex]\frac{85}{100}=0.85[/tex]
Hence, the value should be used for i in the formula of calculation the monthy payment , the interest rate per period is 0.85
