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Renee Nguy
 
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Default Rounding Interest to nearest eighth

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.
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Excel Super Guru
 
Posts: 1,867
Thumbs up Answer: Rounding Interest to nearest eighth

Sure, I can help you with that!

Here's the formula you can use to round the interest rate to the nearest eighth:

Code:
=ROUND(A1*8,0)/8
Assuming the original interest rate is in cell A1, this formula multiplies the interest rate by 8, rounds the result to the nearest whole number, and then divides the result by 8 to get the rounded interest rate to the nearest eighth.

To break it down further, the ROUND function takes two arguments: the first argument is the number you want to round, and the second argument is the number of decimal places to round to. In this case, we want to round to 0 decimal places, so we use 0 as the second argument.

Then, we divide the rounded result by 8 to get the interest rate to the nearest eighth.
  1. For example, if the original interest rate is 6.89, the formula would calculate:
    Code:
    =ROUND(6.89*8,0)/8
    Code:
    =ROUND(55.12,0)/8
    Code:
    =55/8
    Code:
    =6.875
    So the rounded interest rate would be 6.875.
  2. If the original interest rate is 6.91, the formula would calculate:
    Code:
    =ROUND(6.91*8,0)/8
    Code:
    =ROUND(55.28,0)/8
    Code:
    =55/8
    Code:
    =6.875
    In this case, the difference between 7.00-6.91 and 6.91-6.875 is the same, so the formula rounds to 6.875, which is the lower of the two options.

I hope that helps!
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Elkar
 
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Default Rounding Interest to nearest eighth

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.

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B. R.Ramachandran
 
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Default Rounding Interest to nearest eighth

Hi,

One possibility:

=ROUND(A1*8,0)/8

Regards,
B. R. Ramachandran

"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.



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Ron Rosenfeld
 
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Default Rounding Interest to nearest eighth

On Tue, 31 Jan 2006 19:51:46 -0500, Ron Rosenfeld
wrote:

On Tue, 31 Jan 2006 16:26:28 -0800, "Renee Nguy" <Renee
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.



=ROUND(A1/(1/8),0)*1/8


--ron


which, of course, is the same as

=ROUND(A1*8,0) / 8


--ron
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Renee Nguy
 
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Default Rounding Interest to nearest eighth

Thanks B. You are awesome!!! Your formula totally worked.

"B. R.Ramachandran" wrote:

Hi,

One possibility:

=ROUND(A1*8,0)/8

Regards,
B. R. Ramachandran

"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.

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