September 2006
Beginner to intermediate
397 pages
13h 15m
English
Content preview from Microsoft Excel Functions & Formulas
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Use the RATE function to calculate interest rate
Let’s say a bank advertises that if you deposit $500 each month for
12 years, you will have $100,000 at the end of the period. What is
the interest rate the bank is paying? To answer this question, use
the RATE function, which returns the interest rate per period of an
annuity.
RATE(nper, pmt, pv, fv, type, guess)
nper: The total number of payment periods in an annuity.
pmt: The payment made each period, which is a constant value.
pv: The present value. This is the amount that a series of future
payments is worth right now.
fv: The future value. This is the amount you want after the last
payment is made. ...
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