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Posted to microsoft.public.excel.worksheet.functions
Union70
 
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Default APR Rate on a Loan


Can anyone help me with this?
I'm trying to find the Interest Rate of a loan if I'm given Original
amount of loan, term and Payment.
Example
A2 = Original Amt of Loan
A3 = Term in Months
A4 = Payment
A5 = Interest Rate Yearly

B2 = 17420.00
B3 = 48
B4 = 413
B5 = This should be 6.49 %.

Either I'm slow or I'm missing some steps. Can anyone give me a
formula to get this rate?

Thanks,
Union


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Union70