Interest Rate Calculator
Calculate the interest rate of a loan based on the loan amount, payment, and term.
Frequently Asked Questions
Why do I need to calculate the interest rate?
Sometimes lenders quote a monthly payment without explicitly stating the interest rate. This tool helps you find the true cost of borrowing.
Is this the APR?
This calculates the nominal interest rate. APR may be higher if there are additional fees included in the loan.
Why can't I get an exact rate?
The calculation uses an iterative method to approximate the rate. The result is accurate to within a small fraction of a percent.