Trying to figure out, without the use of an excel function how to solve for an interest rate of a mortgage knowing the following paramaters.
initial principal balance - 200,000
total interest paid - 279,017.80
years amortized - 30
payments/yr - 12
If it helps any the answer is 7%.
I use the RATE function in excel and it works fine, but again trying to solve without that function.. Thank you!