Hi again Julius,
I just tried a different calculator and it would not do it either.
You may have to leave out the Payment and then 'guess' the interest rate, you guess will get closer and closer until it is within the desired 2 decimal places.
I shall try it with your calculator....
PV = 4800-500 = 4300
Periods = 36
monthly
FV=0
The PMT that you want is $156.64 but you cannot put that in.
You have to try different rates (these are nominal annual rates) until you find the one that will give you a PMT of $156.64.
nominal annual rate tested % | PMT (payment found) | |
10 | 138.75 | Too little |
15 | 149.06 | Too little |
18 | 155.46 | Too little |
19 | 157.62 | Too big |
18.5 | 156.54 | Too little |
18.55 | 156.64 | exact |
So to two decimal places the nominal rate is 18.55% and that is using your calculator :)