Interest in loan and loan amount given.how to calculate rate and month
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Divide your interest rate by the number of payments you'll make in the year (interest rates are expressed annually). So, for example, if you're making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.
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Answer:
A=P(1+rt) where P= principal r= rate of interest t= time or period
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