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