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Mortgage Community Forums | Announcements Feedback and Our Pub | Is there a formula to use to figure the interest rate being charged on a loan if you have the financed amount and payment amount and term of loan?

Is there a formula to use to figure the interest rate being charged on a loan if you have the financed amount and payment amount and term of loan?

Posted on: 26th Jun, 2010 03:55 pm
Say Finance amount is 21888.00 and payment is 904.77 for 36 months. How would I determine the interest rate being charged to me for this loan.
The interest rate is 27.95%. As for how to do it, I use a financial calculator.
greg3
Posted on: 27th Jun, 2010 10:25 am
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