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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)
