The following events apply to Gulf Seafood for the 2016 fiscal year: 1. The company started when it acquired $35,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $13,300 cash. 3. Earned $22,100 in cash revenue. 4. Paid $14,400 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2016, the cooktop has an expected useful life of five years and an estimated salvage value of $2,600. Use straight-line depreciation. The adjusting entry was made as of December 31, 2016.

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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

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