Need HELP! Solve for mortgage interest rate with following variabl

R

Robalo

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

Principle Balance
Montly Payment
Term
 
B

Bernard Liengme

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
 

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