find an interest rate!??!

S

slym34

Board Regular
Joined
Jul 20, 2005
Messages
61
hey all..
is there a way to calculate an interest rate based on the following info?

A. total interest paid over life of loan
B. total # of months of loan period
C. beginning principal balance
D. Ending balance to be 0, after # of months in B.

Here is my info..
A. 279,017.80
B. 360
C. 200,000
D. 0

I want the answer to come out to 7%..
i'm stumped.
 

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I'm no financial wizard but I think this is what you are trying to get.

You can do a search in Excel help on the formula "Rate" to learn more. Hope this helps.
Book1
ABCD
1InterestRate7.00%
2
3TotalInterest279,017.80
4#YearsinLoan30
5#Payments/Year12
6TotalPayments360
7BeginningPrincipal200,000.00
8EndingBalance0
Sheet2
 
Upvote 0
EXACTLY what I was looking for... I appreciate it!

Appended OP's question from a duplicate post - Moderator

I am trying to convert the RATE() function to a normal math formula, so I can calculate it within another program... Here is the example I am trying to convert to normal math B1 is the function.
Click to expand...
 
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