Calculating Interest Rates

jgutirrez · #1 Dec 19, 2006, 01:29 PM

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

RickJ · Dec 19, 2006, 01:37 PM

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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