Interest Rate Calculator (Solve for Rate)
FinanceWork out the nominal annual interest rate on a loan when you know the loan amount, monthly payment, and term, useful when a lender has not disclosed the rate directly.
Nominal Annual Interest Rate
The monthly-compounding nominal rate implied by your payment schedule
Effective Annual Rate
13.246
The same rate expressed as a true annual compounding figure
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Creators
Odeh Ahwal0people find this calculator helpful
Views
Helpful
Saved
Embeds
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Frequently Asked Questions
Why would I need to solve for the interest rate instead of being told it?
Some financing offers, especially retail installment plans, only quote the monthly payment and term, leaving the real rate hidden. This backs it out.
Is this the same as an APR calculation?
It is related, but this solves for the underlying nominal rate from a known payment. The APR calculator instead solves for the effective rate once fees are added to a known nominal rate.
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