Online calculator for calculating interest rates on a loan product using the David Cantrell Approximate Solution method. The loan interest rate is calculated on the basis of the loan amount, monthly payment and loan term.
Calculator of Loan interest rate
Formula of Interest rate
i ≈ [ ( 1 + ( P/A ) ) 1/q– 1 ] q – 1
- q = log[ 1 + (1/N) ] / log2;
- N = n * 12;
- P = Payment Amount;
- A = Initial Amount;
- N = Number of Payments
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