what is the interest rate if i borrow $16,500 and I pay $665 a month for 3 years

Answer 1

665 * 36 = 23,940

23,940 - 16,500 = 7,440

I = PRT

7,440 = 16,500 * R * 3

7,440 = 49,500 * R

0.15 = 15% = R