Calculator Problem – 2010-10-11

If you could pay off a loan of $500,000 with monthly payments of $1625 over 30 years, what would be the interest rate on the loan?

(The answer will be posted with the new calculator problem in 2 weeks.  Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)

Answer to 2010-09-27 problem:

I=86.86% (N=48, PV= -2000, PMT=150, FV=0)