Loan interest rate

Loan interest rate: use amount borrowed, monthly payment, number of monthly payments. Review the formula, worked example and calculation steps.

Inputs

Use the units shown

Scenario estimate using the assumptions shown. Verify costs and rates with your provider; this is not a guaranteed return or lending decision.

RESULT
—

Enter your values and select Calculate.

Formula & explanation
Solve payment = P r/[1−(1+r)⁻ⁿ]; nominal annual % = 1200r

Variables & units

Amount borrowed
currency · minimum 0.01, maximum 1000000000000
Monthly payment
currency · minimum 0.01, maximum 1000000000000
Number of monthly payments
months · minimum 1, maximum 600

Worked example

10,000 principal, 36 monthly payments of 304.2193745156 implies approximately 6% nominal annual interest.

Assumptions

Not a statutory APR calculation. No fees; supports non-negative monthly rates up to 100%.

Formula version 1.0.0. JavaScript floating-point arithmetic applies. Results display up to 6 decimal places; stored values retain available precision. Use the units shown.

Practice with an example

Use the default input values to find the answer. The reset icon restores those values.

Calculated on your device. Your latest 100 calculations stay in this browser.