Yes. As with almost all financial functions (XNPV and XIRR being the
exceptions), the period for the payments must match the period for the rate.
If you values are monthly, your interest rates must be monthly. Remember, if
you divide by 12, you're assuming monthly compounding. If you want to assume
annual compounding (eg, the effective annual rate), you'll need to convert
your rate using EFFECT.

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Regards,
Fred
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"peak10" wrote in message
...
Question on MRR function. Want to make sure the interest rate is correct.
On
monthly cash flow stream, should the rate be divided by 12 as in thr RATE
function.