Excel Fuction that determine intererest rate?

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You see a company advertise a mortgage online. They give the amount of the mortgage and the monthly payment. You are curious what percent interest they are charging. What Excel function would let you determine the interest rate, assuming it was a simple loan?

A. INTEREST

B. INT

C. RATE

D. INTRATE

Excel Fuction that determine intererest rate?

RATE.

Syntax = RATE(nper,pmt,pv,fv,type,guess)

Example:

You get a loan for USD 1000, repay USD 89.32 on a monthly basis for 12 months, then the rate = 13% calculated as follows

=RATE(12,-89.32,1000)*12

Note:

RATE(12,-89.32,1000) = 1.084%. This is the monthly interest rate since 89.32 is a monthly payment.

We have a "*12" at the end to convert the monthly interest rate to Yearly interest rate.



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