Mr. johnson borrowed 8000 for 4 years to make home improvements. if he repaid a total of 10,320, at what interest rate did he borrow the money?

Attached is the loan formula solved for monthly payment.

This formula CANNOT be solved for rate.  The rate can only be solved by trial and error by using different values for rate.  I wrote a calculator which does this www.1728.com/calcloan.htm

To use the calculator, you will need to know the monthly payment which would be 10,320 / 48 months = $215.00 per month.

The rate is 13.095%

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