Formula question

[robfo0]

This is related to my question from last week regarding rate format in a formula (thanks to daleyman, Dave and Ivan for answering).

This part of my macro works:
FIRST_RATE.Value = Format(Worksheets("Sheet1").Range("RATE"), "0.00%")

But then when i try to figure a payment using this rate, i get a type mismatch error. Here is the formula I'm trying to use in the macro. (I'll include the definitions of the involved variables also):

FIRST_RATE.Value = Format(Worksheets("Sheet1").Range("RATE"), "0.00%")
AMT_FINAN = Format(Worksheets("Sheet1").Range("TESTVALUE").Value + FIRST_RECFEE, "$#,##0.00")

'The problem is here:
FIRST_NEW_PMT = Format(Pmt(FIRST_RATE.Value / 12, FIRST_TERM, -AMT_FINAN), "$#,##0.00")


I know the FIRST_RATE and AMT_FINAN are defined correctly. If in the definition of FIRST_NEW_PMT, i substitue "0.1299" or some numerical value for FIRST_RATE, the formula works. Can I not use FIRST_RATE because it is formatted as a percent?

Thanks for any help