Lookup Value in Range and return nearest number (lowest) beween sets of numbers within the range

Swsimpson1

New Member
Joined
Jun 12, 2018
Messages
5
Challenge 1:
What you know:
The employee is in pay grade 3 and rate is $25.30
Challenge: write a formula that looks up the grade, and then returns the value on that range in which $25.30 is nearest to (rounded down)
Challenge 2:
Write a formula that returns the step number in which $25.30 is nearest to, in that pay grade




Step
1
2
3
4
5
6
7
Grades
1
$20.25
$20.50
$21.00
$21.33
$21.71
$22.08
$22.46
2
$22.00
$23.25
$24.00
$25.08
$26.08
$27.08
$28.08
3
$23.33
$24.00
$25.00
$25.78
$26.62
$27.45
$28.29
4
$25.00
$26.10
$27.20
$28.30
$29.40
$30.50
$31.60
5
$27.00
$28.40
$29.80
$31.20
$32.60
$34.00
$35.40

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Excel Facts

How to calculate loan payments in Excel?
Use the PMT function: =PMT(5%/12,60,-25000) is for a $25,000 loan, 5% annual interest, 60 month loan.

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