Calc - Rate Function similar to Excel

users
#1

Hi Folks,

Excel is supposed to calculate the interest rate on an auto loan (not just
total interest paid) in its Rate Function.

This is used when the car dealer provides the loam amount, the monthly
payment amounts, term (e.g. 48 months) but *not* the interest rate.

Has anyone found a similar function in Calc?

Steps please?

Thank you!

Charles.

#2

Well, why not use the RATE function in Calc? It seems to take the same
parameters as Excel do, are you saying it doesn't return the same values as
Excel?

Kind regards

Johnny Rosenberg

#3

Well, why not use the RATE function in Calc? It seems to take the same
parameters as Excel do, are you saying it doesn't return the same values as
Excel?

Kind regards

Johnny Rosenberg

#4

=Here is what I did.

11886.87
48
291.09;
13972.32=A3*48
$291.09=-PMT(8.16%/12,A2,A1)
;
0.68%=RATE(A2,-A3,A1,0)
8.16%=A7*12

Three values in A1 to A3
Calculated total in A4
Used PMT function, and manually figured the interest rate by trying values till
correct value gotten.

In A6 used the rate function, It calculates rate for the payment.A7 calculates the yearly rate.

Is that want you want?