Calculate Intrest Rate

[pjw23]

I am sure this is very easy to do, but I cannot find what I am lookin
for in the help section....

I want to know what type of interest rate I can afford based on cel
values.

For instance:
Principle-$100,000;
Term-5 years;
Monthly Payment- $2,200

Based on the info entered I would like to calculate the Interest rate.

I have already tried IntRate, but I don't want to have to enter in an
dates into the formula. Thanks for the hel

 

[jeff]

HI,

Use RATE. if your numbers are in cells G14-G16,
put in G17 =RATE(G15*12,G16*-1,G14)

100000 g14
5 g15
2200 g16
1%


Jeff

 

[jeff]

one correction: the rate you get from my earlier
post is "monthly" - you need to multiply by 12.

sorry.


jeff