Hello, Punch!

I believe this problem is unsolvable by ordinary means.

John loaned $72,000 from the bank to be paid over 10 years.

The bank charges compound interest,

Calculate the annual interest rate if his monthly installments was $890.

This is anproblem.Amortization

. .

We are given: .

We want the annual interest rate,

. . Theperiodicinterest rate is: .

Substitute: .

Nowall you have to dois solve for . . . then multiply by 12.

Good luck!

I'll wait in the car . . .