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Nper 60 PMT ($170.22) PV $8200 FV 0 Type 0 Rate ?

Guest Mar 11, 2017
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PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}

 

170.22 =8,200 x R {[1+R]^60 / [1+R]^60 - 1}

0.020758536= R*{[1+R]^60 / [1+R]^60 - 1}, solve for R

There is no DIRECT solution for R (interest rate), but through iteration and interpolation, the computer gives a rate of 9% compounded monthly.

Guest Mar 11, 2017

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