How do i figure out the interest rate knowing the payments are 356.00 per month for 48 months total

If the payments are 356/mo for 48 months, this totals 17088. You say that the total loan is 17000. Something is wrong, as the scenario as you've stated it has only $88 of interest over the term. So I suspect that the paymetns are actually 856/mo. Then we have: 17000 = 856[1-1/(1+i)^48]/i, and 19.85 = [1 - 1/(1+i)^48]i. Some iteration via EXCEL produces i = 4.4%.

How do i figure out the interest rate knowing the payments are 356.00 per month for 48 months total loan 17000

print out an amortization schedule and just work it backwards.

How do i figure out the interest rate knowing the payments are 356.00 per month for 48 months total loan 17000

I=PRT or intrest = principle * rate*time

How do i figure out the interest rate knowing the payments are 356.00 per month for 48 months total loan 17000

Let the rate of interest be r

Now if monthly interest is 356

then interest p.a = 356 x 12 = 4272

For four years interest = 4272 x 4 = 17088

Now we know that interest = p x r x t / 100

17088 = 17000 x 4 x r/ 100

1708800 = 68000r

r = 1708800/68000 = 25.13 ( rounded off)

therefore the rate of interest is 25.13%

How do i figure out the interest rate knowing the payments are 356.00 per month for 48 months total loan 17000

Varshita is very wrong. The total payment is 356 per month, not the interest portion and never is the interest payed constant over the life of the loan. Not sure who taught them that method, but it is way wrong.

I would use an amortization table as well.