Respuesta :
In calculating the monthly payment for a loan with an 8. 5% , interest rate compounded monthly ,value should be used for i, the interest rate per period will be in decimal form that is 0.85.
Given: Rate of Interest i = 85%
How to Convert Percent in Decimal ?
When we convert a percentage to a decimal we divide that number by 100. For example :-
[tex]\rm = 25\%\; is\; \dfrac{25}{100}\\\\=0.25[/tex]
To convert a decimal into a percentage we multiply it by 100.
Therefore, The value should be used for i in the given formula of calculation of the monthy payment , the interest rate per period is 0.85
Learn more about Interest Rate here: https://brainly.com/question/770092
