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This will return a periodic interest rate of 2.21 percent. Note that the "type" and "guess" arguments were omitted and were thus set to their defaults of "0" and "0.10" respectively. References ...
Periodic interest rate = (Interest expense ÷ Principal balance) × 100. If the information came from the company's annual income statement, you're done.
To calculate an APR, lenders multiply the periodic interest rate by 365 days. Credit cards typically have a fixed APR, while some loans may have a variable APR.
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