To calculate a loan payment for a mortgage loan with a monthly rate of 4%,you would enter .04 for the rate argument.

Name: To calculate a loan payment for a mortgage loan with a monthly rate of 4%,you would enter .04 for the rate argument.
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For a monthly rate, you would enter the annual interest rate divided by 12 (the number of months in a year). So for a 4% annual rate, you would enter 0.04/12 or 0.0033 as the rate argument.

To Calculate a Loan Payment for a Mortgage Loan with a Monthly