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Home > Money & Services > Mortgages   »   Calculating Interest Rates

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Old Dec 19, 2006, 12:29 PM
jgutirrez
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Calculating Interest Rates
Say I have a loan for $196,000.00 it is a 30 year fixed rate and my monthly payment is $1522.66. What is my interest rate? PS this is not for homework, i am just trying to figure out how you would calculate to find the answer. I don't need the answer just maybe an explanation on how to go about finding out the answer

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Old Dec 19, 2006, 12:37 PM   #2  
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Those calculations are not the type that can easily be done on paper...so here's an amortization calculator for just that:
http://ray.met.fsu.edu/~bret/amortize.html

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jgutirrez agrees: thank you for the link, I was sitting here trying to figure the answer out on paper and it wasn't working, i kept getting 2.8% and the answer is 8%
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