RATE function in Excel

RATE returns the interest rate per period.

Syntax

=RATE(nper, pmt, pv, [fv], [type], [guess])

Argument	Required?	What it is
nper	Required	The total number of payment periods, such as 360 for 30 years of monthly payments.
pmt	Required	The payment made each period. Money you pay out is negative.
pv	Required	Present value: the amount now, such as the loan amount.
fv	Optional	Future value: the balance you want left after the last payment. Usually 0.
type	Optional	When payments are made: 0 (or left out) at the end of each period, 1 at the start.
guess	Optional	An optional starting guess for the rate. Rarely needed.

Type the formula yourself and get it graded instantly, no Excel needed.

RATE returns the interest rate per period.

=RATE(nper, pmt, pv, [fv], [type], [guess])

Argument	Required?	What it is
nper	Required	The total number of payment periods, such as 360 for 30 years of monthly payments.
pmt	Required	The payment made each period. Money you pay out is negative.
pv	Required	Present value: the amount now, such as the loan amount.
fv	Optional	Future value: the balance you want left after the last payment. Usually 0.
type	Optional	When payments are made: 0 (or left out) at the end of each period, 1 at the start.
guess	Optional	An optional starting guess for the rate. Rarely needed.

Type the formula yourself and get it graded instantly, no Excel needed.