Enter the hourly rate ($/hr) into the Equivalent Monthly Rate Calculator. The calculator will evaluate the Equivalent Monthly Rate.

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## Equivalent Monthly Rate Formula

The following two example problems outline the steps and information needed to calculate the Equivalent Monthly Rate.

MR = HR *173

- Where MR is the Equivalent Monthly Rate ($/month)
- HR is the hourly rate ($/hr)

To calculate the equivalent monthly rate, multiply the hourly rate by 173.

## How to Calculate Equivalent Monthly Rate?

The following example problems outline how to calculate Equivalent Monthly Rate.

Example Problem #1:

- First, determine the hourly rate ($/hr).
- The hourly rate ($/hr) is given as: 50.

- 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

Test your knowledge using the equation and check your answer with the calculator..

MR = HR *173** = ?**