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 (briandunning.com sadly has no equivalent)

Thank you all.

Did you try this custom function?

It's documentation describes it as a "simplified version of the Excel Rate function".