2 You borrow a five-year $13,000 loan with monthly payments of $250. What is the annual percentage rate (APR) on the loan? Payments (PMT) = monthly 6 7 1. We need number of periods (N) in months 2 Interest rate will be per month. PV Payment NI monthly months - We need this in months 14 1. Calculate the interest rate per n= RATE Rate 18 2. Calculate the APR 19 APR = periode rate x m periodic rate 0.0000% per month months per year APR