QUESTION for MATH WIZZARDS

[Bob Beaulieu]

Anyone able to solve for i?

Known items:

pv   $100,000          (present value)
term   360             (number of payments)
term  360 mont         (payment amount)
pymt  $877.57


unknown:
i     ??????           (interest rate)

Of course, the rate for the above works out to 10.000%. But, what if
the pv was reduced by $5,000 (changed to $95,000); can anyone come up
with a formula to calculate interest rate based on the new info?

I know the answer (10.620491...), as I'm able to solve it on my HP12C.
What I can't figure out is a formula to solve it on my computer.

Thanks,

bobb
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|                              Bob Beaulieu                            |
|                              San Jose, CA.                           |
|                             (408) 723-0556                           | 
|                             bobb at netcom.com                          |
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