Question 1036933: Annual interest rate on a $36,000 loan when interest payments are $240 per month Found 3 solutions by addingup, stanbon, MathTherapy:Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! in order to find the rate you need to provide the time period (how many years you have to repay the loan) and if simple of compound interest rate
You can put this solution on YOUR website! Annual interest rate on a $36,000 loan when interest payments are $240 per month
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I = P*r*t
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240*12 = 36000*r*1
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rate = 36000/2880
rate = 12.5 = 1250%
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Cheers,
Stan H.
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