Assertion: mortgage's interest rate | /r/CapableOf | express as fraction
Facets:
Source sentences:
text: This monthly payment c {\displaystyle c} depends upon the monthly interest rate r {\displaystyle r} (expressed as a fraction, not a percentage, i.e., divide the quoted yearly nominal percentage rate by 100 and by 12 to obtain the monthly interest rate), the number of monthly payments N {\displaystyle N} called the loan's term, and the amount borrowed P 0 {\displaystyle P_{0}} known as the loan's principal; rearranging the formula for the present value of an ordinary annuity we get the formula for c {\displaystyle c} :