How much interest is paid on a 52,000 loan if the monthly payments are 450.23 for 30 years? h of these equations shows how installment loans are calculated? ?

To find out the rate of the interest of the loan we will divide the amount paid by the amount of money borrowed and multiply the quotient with 100. Say,
450.23 ÷ 52, 000 = 0.008658 
0.008658  × 100 is 0.87%
Therefore, the rate of interest is 0.87% per month.
If this loan is paid monthly within 30 years. The loaner would pay 162, 082.8 in 360 months or 30 years.

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