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  Discussion about math, puzzles, games and fun.   Useful symbols: ÷ × ½ √ ∞ ≠ ≤ ≥ ≈ ⇒ ± ∈ Δ θ ∴ ∑ ∫ • π ƒ -¹ ² ³ °

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#1 2020-06-01 13:19:06

Andrew Qiao
Guest

Need help on interest rates!

Hey there. I was wondering if you could help me with a math problem. The question asks to determine the annual interest rate being charged on a loan, with a principal of $450, a regular payment of $29.62 per month throughout 18 months. Also, is there a formula for solving these kinds of problems?

#2 2020-06-01 19:03:12

Bob
Administrator
Registered: 2010-06-20
Posts: 10,057

Re: Need help on interest rates!

hi Andrew,

Welcome to the forum.

Yes, there's a formula.  Have a look here:

https://www.mathsisfun.com/money/compou … iodic.html

Bob


Children are not defined by school ...........The Fonz
You cannot teach a man anything;  you can only help him find it within himself..........Galileo Galilei
Sometimes I deliberately make mistakes, just to test you!  …………….Bob smile

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