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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: 10,640
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 
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