Hi All:) Would someone be able to tell me if my rate of interest is in a mixed number like 10 1/8%, how do I make that into a decimal? I get 10.13% and then I think I need to make it a decimal so I make it .1013. Thanks to anyone out there that might help me:) denise

Question

Hi All:)  Would someone be able to tell me if my rate of interest is in a mixed number like 10 1/8%, how do I make that into a decimal?  I get 10.13% and then I think I need to make it a decimal so I make it .1013.  Thanks to anyone out there that might help me:) denise

anonymous · Answer

My problem is to find Maturity Value and due date.  The #'s are Face Value=15.267, term of loan is  55 days and Rate is 10 and 1/8%. Loan made Nov. 29.

phi · Answer

yes, but you should not round it.  1/8 is exactly 0.125
and 10 1/8 %  is 10.125 %  or 0.10125

anonymous · Answer

Oh, that probably made the dif then wouldn't it.  The answer should be 15,503.16 and I was very close;)  Thank you Phi, soooooo much:) Denise