Need HELP! Solve for mortgage interest rate with following variabl
 

How can I solve for the interest rate on a mortgage with only the following
variables:

Principle Balance
Montly Payment
Term

Need HELP! Solve for mortgage interest rate with following variabl
 

Have a look in Help for RATE
But remember if you pay monthly then you must enter the number of payment
(NPER) as years*12
That PV (the amount of the loan) is a positive value (it went INTO your
pocket - momentarily)
while PMT is a negative value (it comes OUT of your pocket monthly)
And the rate will be monthly; multiply by 12 to get annual

OR Google for: template mortgage excel
best wishes
--
Bernard V Liengme
Microsoft Excel MVP
www.stfx.ca/people/bliengme
remove caps from email

"Robalo" wrote in message
...
How can I solve for the interest rate on a mortgage with only the
following
variables:

Principle Balance
Montly Payment
Term

Need HELP! Solve for mortgage interest rate with following var
 

Thank You! I missed multipling by 12 to get Annual.... PERFECT

"Bernard Liengme" wrote:

Have a look in Help for RATE
But remember if you pay monthly then you must enter the number of payment
(NPER) as years*12
That PV (the amount of the loan) is a positive value (it went INTO your
pocket - momentarily)
while PMT is a negative value (it comes OUT of your pocket monthly)
And the rate will be monthly; multiply by 12 to get annual

OR Google for: template mortgage excel
best wishes
--
Bernard V Liengme
Microsoft Excel MVP
www.stfx.ca/people/bliengme
remove caps from email

"Robalo" wrote in message
...
How can I solve for the interest rate on a mortgage with only the
following
variables:

Principle Balance
Montly Payment
Term