document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=762942>Question 762942</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Sorry but I cant get it right (and Im weak in math)<BR>\n" );
document.write( "I have a loan for 21200 and I have to pay 400$ monthly for 6 years. total of 28800<BR>\n" );
document.write( "so the question is how much percent / value  interest I am paying back?\r<BR>\n" );
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document.write( "Thanks and regards </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #464342 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=464342\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Difference: 28800 - 21200 = 7600\r<BR>\n" );
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document.write( "You must pay back $7,600 in interest (on top of the $21,200 principal)\r<BR>\n" );
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document.write( "Now divide by the original principal: 7600/21200 = 0.35849056603773 = 35.849% = 35.85%\r<BR>\n" );
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document.write( "This means that your loan has an effective interest rate of 35.85% (simple example: person A loans person B $100. Person B would then pay back person A $100 plus $35.85 in interest)\r<BR>\n" );
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document.write( "Edit: the other poster has a better solution since I forgot to factor in the fact that this was done over 6 years (not 1) </SPAN>\n" );
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