Question 1172981
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The Truth in Lending Law requires all lending institutions to fully disclose interest rates on all loans.
$5000 is loaned for 36 months with monthly payments of $162.50. Determine annual interest rate.
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The solution and the answer in the post by  @CPhill both are incorrect.


To check and to disprove,  I used an online calculator 

https://www.calculatorsoup.com/calculators/financial/loan-calculator.php


which is considered as a standard reliable online calculator for common use in this kind of calculations.


    //   It was checked,  probably,  million times by thousands people and is commonly recognized as a reliable.


The calculator gave me the answer of  10.4949%  for the annual interest rate.



I then performed an additional check with this online calculator

by computing the monthly payment with this annual percentage rate  10.4949%.


I got precisely this value  $162.50,  as it is given in the problem.


So, I have no any doubt that the answer in the post by  @CPhill is wrong.



Using this calculator,  referred above,  you may check on your own 
that the value of  15%  from the post by  @CPhill is incorrect.



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                Regarding the post by @CPhill . . . 



Keep in mind that @CPhill is a pseudonym for the Google artificial intelligence.


The artificial intelligence is like a baby now. It is in the experimental stage 
of development and can make mistakes and produce nonsense without any embarrassment.



                It has no feeling of shame - it is shameless.



This time, again,  it made an error.



Although the @CPhill' solutions are copy-paste  Google  AI solutions,  there is one essential difference.


Every time,  Google  AI  makes a note at the end of its solutions that  Google  AI  is experimental
and can make errors/mistakes.


All @CPhill' solutions are copy-paste of  Google  AI  solutions, with one difference:
@PChill never makes this notice and never says that his solutions are copy-past that of Google.
So,  he  NEVER  SAYS  TRUTH.


Every time,  @CPhill embarrassed to tell the truth.

But I am not embarrassing to tell the truth,  as it is my duty at this forum.



And the last my comment.


When you obtain such posts from @CPhill,  remember,  that  NOBODY  is responsible for their correctness, 
until the specialists and experts will check and confirm their correctness.


Without it,  their reliability is  ZERO and their creadability is  ZERO,  too.