Seems like a silly question, but I can't find an explicit answer anywhere.

I'm entering a loan (as an asset) with a payment frequency of monthly. I want an interest rate of 5% APR, which will be applied monthly. What do I enter as the interest rate?

Is the "Interest rate" field in the wizard the interest applied at the payment frequency (i.e. I should enter a monthly interest of 0.42% - which would compound to 5% APR) or something else?

Stuart