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How do I calculate interest rate on a loan?
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1. First, you need to determine the principal amount of the loan, which is usually the total amount you are borrowing.
2. Then, you need to find out the interest rate that is being charged on the loan.
3. Once you have the principal amount and the interest rate, you can use the following formula to calculate the interest on the loan: Interest = Principal x Rate x Time (in years).