# Calculate Interest Rate for Amortization Schedule

#### Arrushing

##### New Member
I'm trying to calculate the interest rate for an fixed rate amortization schedule using the known factors below:

- Principal Balance
- Term
- Total Interest Paid

Currently the formula that I have found requires the payment in its' formula, however this is an unknown factor with what I'm trying to accomplish.

Is there another formula that includes total interest paid instead of the monthly payment amount in it's calculation? If not, how can I back into calculating this?

Any help would be much appreciated.

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#### Dave Patton

##### Well-known Member
T202006a.xlsm
ABC
1Principal500,000.00
2Term25
3Total interest505,000.00
4Payment3,350.00
5Rate0.54%6.47%
6
7Payment\$3,350.00
6a
Cell Formulas
RangeFormula
B4B4=(B1+B3)/(B2*12)
B5B5=RATE(B2*12,-B4,B1,0,1,0.01)
C5C5=B5*12
B7B7=PMT(C5/12,B2*12,-B1,0,1)

#### Arrushing

##### New Member
Awesome!! Thank you Dave, this is perfect!!

#### Dave Patton

##### Well-known Member
Thanks for the feedback.

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