Answer:
The Interest rate is 2%
Explanation:
The formula for computing the rate is as using the excel:
=Rate(nper,Pmt,pv,fv,type)
where
nper is number of years which is 60 months
PMT is monthly payment which is $323.53
PV is Present value which is -$10,000
FV is Future value which is $0
Type is also 0
So, putting the values above:
=Rate(60,323.53,-10000,0)
= 2%
Therefore, the rate of interest is 2%, which is monthly to be paid.
