FMP equivalent calculation to Excel RATE Function

Discussion created by user22784 on Sep 4, 2017
Latest reply on Sep 8, 2017 by fmpdude

Hello there,


Does anyone know if there is an equivalent calculation to produce the result that EXCEL's "RATE" function can.


My dilemma is that I wish to know the interest rate originally charged on a loan .


The only information I have is (with examples in RED) :-


Original Amount financed : $ 30160


Number of Payments and value   : 84 Monthly payments of $ 481



Interest rate of the original loan unknown



Using the Excel  function "RATE(84,-481,30160)*12" gives the correct answer which is  8.72%



I have searched high and low for an equivalent mathematical formula, but nothing I can find is accurate.



Can anyone help or perhaps provide a suggestion ( sadly has no equivalent)



Thank you all.