Loan interest calculation?

0 ⤊

Loan interest calculation?

I have a 60 month loan. The initial loan was for $12,035. My payments are 233.02 per month. What is the interest rate I am paying?

2006-09-17 05:41:07 · 4 answers · asked by x98lbwuss 2 in Business & Finance ➔ Personal Finance

4 answers

Bankrate.com is an awesome website that will help you figure out all different types of calculations. It is very informative, just watch out for the advertisements.

2006-09-17 05:53:48 · answer #1 · answered by Lance 1 · 0⤊ 0⤋

this is only a half hearted calculation but i'd say 3%??

2006-09-17 05:44:49 · answer #2 · answered by bluemovie22 2 · 0⤊ 0⤋

about 3.2%

233.02*60 = 13981.2-12035 = (1946.2/12035)/5 = 3.23%

2006-09-17 05:45:04 · answer #3 · answered by sooners83 4 · 0⤊ 0⤋

figure that your loan is simple intrest.....about nine percent.

2006-09-17 05:49:06 · answer #4 · answered by SST 6 · 0⤊ 0⤋