If you borrow $15,618 and are required to pay the loan back in 7 equal annual installments of $3,000.?
What is the interest rate I got 8.0021%
What is the interest rate I got 8.0021%
?
15,618 = 3,000(1 - (1+r)^(-7)) / r
Solve for r = annual interest rate.
tro
if the loan amount is $15618 and the repayment is $21000 that appears the interest amount is $5382 total
to find any %, one divides the smaller by the larger ie
5382/15618 and that comes out 3.44%
Don G
8.0021% is correct.