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 for the answer.)

Answer to 2010-09-27 problem:

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

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