what is the right way to set up a formula in finances for a simple interest word problem: P=6853 down pymt=853 monthly pymt = 163.00 per month for 48 months.
6,853 - 853 = 6,000
163 * 48 = 7,824
7,284 - 6,000 = 1,284 interest
1,284/6,000 = 0.214 = 21.4% interest