I have a loan for 1,900.00 and I pay 78.85 a month for 36 months. I would to know how to calculate this to find my interest. I know it's 20.25% but how can I calculate this to come up with the answer?
How would I calculate to get my % Rate?
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Added 3+ months ago:
I have a large spread sheet with some 260 customers and the person who originally set it up it entered some data that is not correct. Mostly it all related to interest rate where my customers are paying a monthly that’s not equal the calculated rate of interest they are supposed to pay. This is one example the person was set up with a loan of 1,900.00 and they are paying 70.85 a month for 36 months. I would like to know how to calculate this to find the interest rate they are paying. I know it's 20.25% but how can I calculate this to come up with the answer? But for some reason they set up paying only 63.85 a month for the 36 months. After entering several interest rates in the Loan Amortization Schedule I came up with 12.82% interest. Instead of me going through every one of them to find their exact interest rate they are paying now is there a formula I can use to do this?
