Finance
Interest Rate Calculator
Work backwards from a loan amount, payment and term to find the interest rate you are actually being charged.
Result
Solved by iteration on a standard amortising schedule. It reflects the interest rate only, if the deal also carries fees, the APR calculator gives the fuller comparison.
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About this calculator
Why would I need to work out the rate?
Equipment and vehicle finance is often quoted as 'just $425 a month' with no rate stated at all. This reveals what you are actually being charged so you can compare it with a bank.
The rate looks much higher than I was told: why?
Either fees are baked into the amount financed, or the quoted figure was a flat rate on the original balance rather than a reducing-balance rate. Flat rates roughly double when converted properly.
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