Given these variables, can you give me a formula to solve for interest rate?
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Given these variables, can you give me a formula to solve for interest rate?
Loan amount
Term in months
Monthly payment
Principal balance after X months
Example:
Loan amount $600,000.00
Term in months 360
Monthly payment $3175.25
Principal balance after 72 months $538,441.36
What is the interest rate? (answer is 4.875%)
Can you give me a formula for finding the interest rate knowing the other four variables, Loan amount, Term, Pmt, Principal balance after X months?
12 years ago
Given these variables, can you give me a formula to solve for interest rate?
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- solution_-_interest_rate.xlsx