# Interest rate calculator: $50200 loan is repaid by 28 payments of$4700 each

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##### New member
Hi, could someone please help my with a problem

...followed by 10 payments of $4300 each at the beginning of the month. So the twenty-ninth payment is made on 01 January of the twenty-ninth year, in the amount of$4,300? And the last payment, in the amount of $4,300, is made on 01 October of that same year? What interest rate (i1) is being charged? What formula did they give you, from which you obtained the variable "i[SUB]1[/SUB]"? How far have you gotten in plugging into that formula? Please be complete. Thank you! #### eap ##### New member Clarify what happens at end of 28th year: is the$4700 received on Dec.31, then $4300 on Jan.1st (1 day later), or is the 1st$4300 received on Feb.1st?

Regardless, the interest rate cannot be calculated directly:
numeric method required.

If rate = 9.25%, then close to \$2500 will remain owing,
IF 1st monthly payment is 1 month after last annual payment.

Hope that helps.
Hi, 9.25 is the right answer, thanks a lot!!
If you could send me the method you used to solve this problem I would really appreciate it!!