An online calculator can be employed to determine a loan’s interest rate. Enter the loan, payment, and desired borrowing period in years.
Interest Rate formula
i ≈ [ ( 1 + ( P/A ) ) 1/q– 1 ] q – 1
- q = log[ 1 + (1/N) ] / log2;
- N = n * 12;
- P = Payment Amount;
- A = Initial Amount;
- N = Number of Payments
