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What is the interest rate

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Reference no: EM132720445

Question: Attempt the following without using the RATE Function. Has to be completed manually using dropdown formulas.

A spreadsheet to solve the following problem. At EOY 0 $1000 is borrowed. Payments of $85 are made at EOY 1 through EOY 15. (No payment is made at EOY 0.) After the payment at EOY 15, the loan is completely paid off. Use your spreadsheet to determine the interest rate of the loan. This can be done by trying different values for the interest rate until the you find the value that makes the loan balance be zero immediately after the payment at EOY 15. What is the interest rate?

Reference no: EM132720445

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