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Given these variables, can you give me a formula to solve for interest rate?

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Question

Question;Given these variables, can you give me a formula to solve for interest rate?Loan amountTerm in monthsMonthly paymentPrincipal balance after X monthsExample:Loan amount $600,000.00Term in months 360Monthly payment $3175.25Principal balance after 72 months $538,441.36What is the interest rate? (answer is 4.875%)Can you give me a formula for finding the interest rate knowing the other four variables, Loan amount, Term, Pmt, Principal balance after X months?

 

Paper#50078 | Written in 18-Jul-2015

Price : $22
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