Try the MROUND( ) function. It rounds a number to the nearest multiple that
you provide.

=MROUND(A1,.125)

A1 is the number you're rounding
..125 is 1/8

This function is part of the Analysis ToolPak, so you'll need to make sure
that is installed. TOOLS -- ADD-INS -- check ANALYSIS TOOLPAK -- OK.

HTH,
Elkar

"Renee Nguy" wrote:

Please help me create a formula to round interest rate to nearest eighth.
Example:
original interest rate is 6.89
Rate needs to be either 6.875 or 7.00.
The formula needs to calculate the difference between 7.00-6.89 and
6.89-6.875 and determine whichever difference is less then it would round the
interest rate to either 6.875 or 7.00.
Thank you.