Q&A for How to Calculate Interest Rate

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If I borrowed $15,000 and at the end of 2 years I have to pay back 8% interest, how much is the interest?

Community Answer

You just use the formula provided in the article above. I'll do it for you just as an example. Let's use the formula I = PRT: I = PRT. I = 15000 × 0.08 × 2. I = 2400.

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Question

How do I calculate interest rate on $7,000?

Community Answer

You'll need more information than just the principle, and when you get that information you can use the formula provided in the article above - or just use an online calculator.

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Question

What is 10% interest rate on 37,500.00 come out to?

Community Answer

I'm assuming the rate is for one year's time. So, let's solve this by using the equation I = PRT: I = PRT. I = 37500 × 0.1 × 1. I = $3750.

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Question

How do I find the rate without the amount being given?

Community Answer

You can't. If you don't have the amount you can't really figure anything (rate, time, etc) except the amount itself.

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Question

What is the formula to compute time?

Community Answer

For simple interest you can use the following equation: T = I ÷ (P × R).

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Question

How can I calculate the interest rate on $3,000,000 for 90 days?

Community Answer

90 days is 1/4 of a year so T = 0.25. R = [Interest that you pay (you did not provide!) / (3,000,000 * 0.25)] * 100.

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Question

How much interest will I pay on a car loan of $58995.00 with an interest rate of 3.20percent for 60 months?

Community Answer

Principal: 58,995.00 Interest Rate 3.2% Monthly Payment 1065.31 Total Interest Paid: 4323.86 Total Paid for P&I: 63918.86.

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If I opened a savings account with $425.00 and after 2 years I earned $10.20, how can I calculate what was my interest rate?

Community Answer

Investment $425.00 x .0120(1.2% interest) x 2 Years = $10.20 Interest paid.

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Question

How do I calculate monthly interest rates?

Community Answer

Divide the annual rate by 12 to account for the twelve months in a year. You will need to go from decimal to percentage format to complete it.

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