Mathematics, 15.05.2021 02:30 eaarnold

I can't believe I'm saying this but... PLEASE HELP! HELP! HELP! HELP!

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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

$i=\frac{85}{100}=0.85$

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

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