how to find interest rate using annuity formula?
using following Annuity formula
FV=PV*((((1+i/n)^n*y) -1)/(i/n))
how can you calculate interest rate i.
FV = Future value
PV = Present value
i = interest rate
n = number of periods in a year
y = number of years
You cannot find i just with algebra. You need to use a financial calculator or other software to estimate it.
I suggest looking for information on the pmt() function in Excel help.
EDIT: Remember that i is the percent interest rate divided by 100. For example, if the interest rate is 34%, i=.34