troubleshooting Question

Calculate APR

Avatar of mschirad
mschirad asked on
Microsoft Excel
2 Comments1 Solution500 ViewsLast Modified:
I need to figure out the APR.  Can someone please assist me with a formula?

Currently I am selling a product for $810.  I also give the option to purchase it over 36 months for $25.00/month.  if they choose this option they will pay $900.  I have to make sure due to usury laws that the imputed interest on this transaction is less than 8% APR.  Can someone help me with a formula or function that will help me figure out the affective APR?  

the difference between the cash price ($810) and the financed price ($900) is $90.  This would be the imputed interst I assume.
Join the community to see this answer!
Join our exclusive community to see this answer & millions of others.
Unlock 1 Answer and 2 Comments.
Join the Community
Learn from the best

Network and collaborate with thousands of CTOs, CISOs, and IT Pros rooting for you and your success.

Andrew Hancock - VMware vExpert
See if this solution works for you by signing up for a 7 day free trial.
Unlock 1 Answer and 2 Comments.
Try for 7 days

”The time we save is the biggest benefit of E-E to our team. What could take multiple guys 2 hours or more each to find is accessed in around 15 minutes on Experts Exchange.

-Mike Kapnisakis, Warner Bros