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)