Question 111876
{{{95375=65750(1+r/12)^180}}} Start with the given equation 


{{{95375/65750=cross(65750/65750)(1+r/12)^180}}} Divide both sides by 65750



{{{1.45057034220532=(1+r/12)^180}}} Divide



{{{root(180,1.45057034220532)=root(180,(1+r/12)^180)}}} Now to get rid of the exponent of 180, simply take the 180th root of both sides



{{{root(180,1.45057034220532)=1+r/12}}} Simplify


{{{1.0020685633009=1+r/12}}} Take the 180th root of 1.45057034220532


{{{1.0020685633009-1=r/12}}} Subtract 1 from both sides


{{{0.0020685633009=r/12}}} Subtract



{{{0.0248227596108=r}}} Multiply both sides by 12



So the interest rate is approximately 0.0248227596108, or 2.482%