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ALBPACE
Lv 4
ALBPACE asked in Business & FinancePersonal Finance · 8 years ago

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%

3 Answers

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  • ?
    Lv 7
    8 years ago

    15,618 = 3,000(1 - (1+r)^(-7)) / r

    Solve for r = annual interest rate.

  • tro
    Lv 7
    8 years ago

    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
    Lv 7
    8 years ago

    8.0021% is correct.

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