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In May (31 days), the loan payment is 603 €, out of which the capital portion is 51,0 % and the rest is interest for the loan capital. Calculate the annual interest rate, when after the payment the remaining balance is 61660 €.

Guest Mar 8, 2017
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In May (31 days), the loan payment is 603 €, out of which the capital portion is 51,0 % and the rest is interest for the loan capital. Calculate the annual interest rate, when after the payment the remaining balance is 61660 €.

603 x 51% =307.53 - This the principal portion of the payment.

603 x 49% =295.47 - This is the interest portion of the payment.

61,660 + 307.53 =61,967.53 - This is the balance of the before the principal payment.

295.47 / 31(days in May) =9.53 - This is daily interest on the loan.

9.53/61,967.53 =0.000153811 - This is the DAILY interest rate.

0.000153811 x 365 x 100 =5.6141% - This is the interest RATE componded daily.

5.6141% compounded daily =5.7742% -  EFFECTIVE annual interest rate

Guest Mar 8, 2017

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