Get no-obligation free mortgage quotes

Compare Mortgage Quotes

Call at 888-485-7561
and get current mortgage rates from a lender.

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Is there a formula to use to figure the interest rate being charged on a loan if you have the financed amount and payment amount and term of loan?

Author

Message

Joined: 26 Jun 2010

Posts: 1

1.00 Dollars($)

Posted: Sat Jun 26, 2010 3:55 pm Post subject: Is there a formula to use to figure the interest rate being	Like 0 Dislike 0

Say Finance amount is 21888.00 and payment is 904.77 for 36 months. How would I determine the interest rate being charged to me for this loan.

greg3

Joined: 18 Jun 2010

Posts: 121
Location: California
21.39 Dollars($)

Posted: Sun Jun 27, 2010 10:25 am Post subject:	Like 0 Dislike 0

The interest rate is 27.95%. As for how to do it, I use a financial calculator. _________________ Gregorio Denny Tripoint Mortgage Group, Inc 800-335-6897 NMLS# 247044 WeFixRates.Com