• HR is the hourly rate ($/hr) ## How to Calculate Equivalent Monthly Rate? The following example problems outline how to calculate Equivalent Monthly Rate. Example Problem #1: 1. First, determine the hourly rate ($/hr).
• The hourly rate ($/hr) is given as: 50. 2. Finally, calculate the Equivalent Monthly Rate using the equation above: MR = HR *173 The values provided above are inserted into the equation below and computed. MR = 50 *173 = 8,650 ($/month)

Example Problem #2:

For this problem, the variables required are provided below:

hourly rate (\$/hr) = 30