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I'd like to know how to find the interest rate if it is not...

<< Back to: sci.math FAQ: Formula for Compound Interest

Question by Keefer
Submitted on 4/5/2004
Related FAQ: sci.math FAQ: Formula for Compound Interest
Rating: Rate this question: Vote
I'd like to know how to find the interest rate if it is not given. If I have the cash amount, the term, the monthly payment and the final amount, how do I get the interest rate?

Example:
Cash Amount $210
Term 60 months
Payment $5
Final Amount $300

What is the interest rate and how do I get it?

thanks
Keefer


Answer by necee
Submitted on 8/8/2004
Rating: Not yet rated Rate this answer: Vote
inital investment $1000 for 5 years and then $400 a year thereafter in perpetuity.  What is the rate of interest and is this a fair deal?

 

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