In the monthly payment formula , what value would you put for r if the interest rate is 5.7%?

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asked Dec 1, 2019 77.4k views

2 Answers

James Trimble · Answer 1 · 2019-12-07T08:43:55+0000

In the monthly payment formula r is the percentage rate as a decimal.

To turn a percentage into a decimal, move the decimal point 2 places to the left.
5.7% becomes 0.057

In the monthly payment formula , what value would you put for r if the interest rate is 5.7%?

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