Question 762942
Sorry but I cant get it right (and Im weak in math)
I have a loan for 21200 and I have to pay 400$ monthly for 6 years. total of 28800
so the question is how much percent / value  interest I am paying back?

Thanks and regards


{{{SI = PTR}}}
SI, or simple interest = 28,800 - 21,200, or $7,600
P = $21,200
T = 6 (in years)
R = annual interest rate


We then get: {{{7600 = 21200(6)(R)}}} ----- {{{7600 = 127200R}}} ------ {{{R = 7600/127200}}}


R, or annual interest rate = {{{0.059748428}}}, or {{{0.0597}}}, or {{{highlight_green(5.97)}}}%


You can do the check!! 


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