Please help with grade9 Math-Linear/NonLinear Equations on how to compute for loans, monthly repayments and interest rates.
$10,000 loan to be paid over 4 years at various interest rates:
Monthly Payments is $242.51 for interest rate of 8%
$244.75 for interest rate of 8.5 %
Question: Find the monthly payment when interest rate is 8.25%
What interest rate would require a monthly payment of $255?
Appreciate your kind help.