Here is the problem:
L: original loan amount
B: current balance after P periods
P: number of periods that have been paid
A: period payment
**you do not know the number of periods remaining, so you do not know N (the total number of periods for the loan), and you do not know the interest rate (that is what is to be found). Each payment includes both principal and interest.
Example: 56,000 loan, 460.54 period payment, $24,052 current balance, 120 periods have been paid, calculate the interest rate note: the correct answer will result in 5.6% and a total N = 180 periods
Because I do not know the real maturity date, I am getting stuck in the maths on how to calculate the interest rate. All that is known is the original amount, the current amount, period payment, and how many payments have been made. Any suggestions would be great!