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22 August, 23:41

A woman went to the Beneficial Loan Company and borrowed $10,000. She must pay $323.53 at the end of each month for the next 60 months. What is the monthly interest rate she is paying

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  1. 22 August, 23:50
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    The Interest rate is 2%

    Explanation:

    The formula for computing the rate is as using the excel:

    =Rate (nper, Pmt, pv, fv, type)

    where

    nper is number of years which is 60 months

    PMT is monthly payment which is $323.53

    PV is Present value which is - $10,000

    FV is Future value which is $0

    Type is also 0

    So, putting the values above:

    =Rate (60,323.53,-10000,0)

    = 2%

    Therefore, the rate of interest is 2%, which is monthly to be paid.
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Home » Business » A woman went to the Beneficial Loan Company and borrowed $10,000. She must pay $323.53 at the end of each month for the next 60 months. What is the monthly interest rate she is paying
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