To solve for the interest rate, the RATE function is configured like this in cell C9: nper - from cell C7, 10. pmt - from cell -C6, -7500 pv - from cell C4, 0. fv - from cell C5, 100000 With this information, the RATE function returns 0.0624. When a percentage number format is applied, the result displays as 6.24%. Note payment is negative because it represents a cash outflow.
Dave Bruns
Hi - I’m Dave Bruns, and I run Exceljet with my wife, Lisa. Our goal is to help you work faster in Excel. We create short videos, and clear examples of formulas, functions, pivot tables, conditional formatting, and charts.
