Question

*percentage help please*

Answer 1

Answer:

15.84%

Step-by-step explanation:

There is no formula that will tell you the interest rate. It must be computed iteratively or found graphically. A financial calculator can do the work for you.

The parameters this one uses are

• number of payments (24)
• the amount financed (1925 -125 = 1800)
• the monthly payment, negative because it is being paid (-88.00)
• the remaining balance after all payments (0)
• the number of payments per year (monthly = 12)
• the number of times per year interest is compounded (monthly = 12)