How To Calculate Interest Rate Given Monthly Payment In Excel How to Calculate Monthly Interest Rate in Excel 3 Simple Methods Method 1 Using RATE Function The RATE function is used to return the nominal interest rate per period on a loan or an investment 1 1 Interest Rate on a Loan STEPS Select cell D8 and enter the following formula
Method 1 Use a Formula to Calculate the Periodic Interest Rate in Excel We will compute the interest rate for months and then for years in the two subsections below We will apply the RATE function RATE nper pmt pv fv type guess Here Nper required total payment periods number years months Method 2 Calculating the Monthly Interest Rate Consider a loan of 10 000 for 3 years The monthly payment is 333 Loan pv 10 000 Total no of periods for payments nper 3 years x 12 36 Periodic payment pmt 333 Find the monthly interest rate in C7 using the above information Enter the following formula
How To Calculate Interest Rate Given Monthly Payment In Excel
How To Calculate Interest Rate Given Monthly Payment In Excel
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Maybe you have an existing loan and want to quickly see the annual interest rate you re paying As simple as calculating a payment with basic loan details you can do the same to determine the interest rate Get the loan term monthly payment and loan amount and enter them in your sheet Select the cell where you want to see the interest rate For example if you are making monthly payments for two years your nper argument would be 24 2 12 Accordingly supply the guess argument as a monthly rate if you guess it to be 12 annually supply it as 12 12 1 Here s another catch the RATE that Excel would calculate for you would also be coherent with the nper supplied by you
The result is a monthly payment of 266 99 to pay the debt off in two years The rate argument is the interest rate per period for the loan For example in this formula the 17 annual interest rate is divided by 12 the number of months in a year The NPER argument of 2 12 is the total number of payment periods for the loan The PV or present Calculate interest payments with simple Excel formulas This wikiHow teaches you how to create an interest payment calculator in Microsoft Excel create an interest payment calculator in Microsoft Excel To calculate payments you ll just need the principal amount interest rate and number of payments remaining You can then use the IPMT
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Annual Interest Rate 0 62 monthly interest rate 12 total months in a year 7 42 Calculate the Interest Rate on a saving account Let s calculate the annual interest rate required to save up 100 000 in four years if the 5 000 payments are being made at the start of every quarter with zero initial investment The RATE function in Excel calculates the interest rate per period of an annuity given the number of periods the payment per period the present value or principal the future value or cash balance and a type that specifies whether payments are due at the beginning or end of the period Syntax RATE Nper Pmt Pv Fv Type Guess
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How To Calculate Interest Rate Given Monthly Payment In Excel - The result is a monthly payment of 266 99 to pay the debt off in two years The rate argument is the interest rate per period for the loan For example in this formula the 17 annual interest rate is divided by 12 the number of months in a year The NPER argument of 2 12 is the total number of payment periods for the loan The PV or present