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    jgutirrez's Avatar
    jgutirrez Posts: 3, Reputation: 1
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    #1

    Dec 19, 2006, 02:29 PM
    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
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #2

    Dec 19, 2006, 02:37 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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