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 (briandunning.com sadly has no equivalent)
Thank you all.