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Neeraj
Neeraj
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A loan of £12,000 is issued and is repaid in instalments of £300 at the end of each month for 4
years. Calculate the effective annual rate of interest for this loan.

Problem: A loan of £12,000 is issued and is repaid in instalments of £300 at the end of each month for 4 years. Calculate the effective annual rate of interest for this loan.

What I tried-

enter image description here

But how to solve this equation for i?

A loan of £12,000 is issued and is repaid in instalments of £300 at the end of each month for 4
years. Calculate the effective annual rate of interest for this loan.

What I tried-

enter image description here

But how to solve this equation for i?

Problem: A loan of £12,000 is issued and is repaid in instalments of £300 at the end of each month for 4 years. Calculate the effective annual rate of interest for this loan.

What I tried-

enter image description here

But how to solve this equation for i?

Source Link
RajSharma
RajSharma
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How to calculate interest rate in this problem?

A loan of £12,000 is issued and is repaid in instalments of £300 at the end of each month for 4
years. Calculate the effective annual rate of interest for this loan.

What I tried-

enter image description here

But how to solve this equation for i?