It is well-known that faster sampling increases computational load but gives better performance. Multiplexed Model Predictive Control (MMPC) has been proposed recently. Its motivation was to reduce real-time computational load. The reduction in computational load can be used gainfully to increase sampling rate and improve performance. Hence, in this paper, we derive a formula to compute the Integral-Square-Error (ISE) performance of a MMPC controlled system. Given the plant and disturbance models, the ISE formula derived allows one to investigate how the ISE changes with control design parameters, such as the sampling interval and control weighting. This enables one to select, for example, a suitable sampling interval for the MMPC design to achieve the desired ISE performance. In addition, we validated the ISE formula on a multizone semiconductor manufacturing thermal process.