How do you figure intesrt?

my loan amount is 5000.payments are 240 a month for 24 months

Answer:
Using Excel, I have figured it out. It is 13.974% per year (assuming simple interest compounded monthly).
what's your rate? that makes a difference
first learn to spell and than we will work on math
You are going to pay $760 in interest, if you make all your payments on time. I don't know what the rate is, though. That is applied to your balance every month, giving you the interest amount. (APR dvided by 12 times balance).

You should know your APR before signing on the dotted line.

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