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how to use excel rate formula. To calculate monthly interest rate the formula in C6 is. RATE nper pmt pv fv type guess.
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The RATE function calculates by iteration. You are taking out a loan of 8000. To understand the uses of the function let us consider an example.
You can use Excels RATE function to calculate the Yield to Maturity YTM.
RATE nper pmt pv fv type guess. The interest rate here is 3 per year but because the payments are biweekly you need to divide the 3 by 26 the number of biweekly payments made per year. To understand the uses of the function let us consider an example. The syntax of RATE function.
