Use excel financial function. RATE function.
You are thinking about purchasing the washer and dryer for $2300 at store. The store persin has given you all the fiancing information, except for the interest rate of the loan. Suspecting a rip off, you would like to find out if the interest rate will be an wxorbitant amount. The payment quoted id $250 per month, the duration of the loan will be 2.5 years and the interest rate will be compounded quaterly. Write an excel fomula to determine the interest rate of the loan.