Rounding Interest to nearest eighth

[Guest]

Please help me create a formula to round interest rate to nearest eighth.
Example:
original interest rate is 6.89
Rate needs to be either 6.875 or 7.00.
The formula needs to calculate the difference between 7.00-6.89 and
6.89-6.875 and determine whichever difference is less then it would round the
interest rate to either 6.875 or 7.00.
Thank you.

 

[Guest]

Try the MROUND( ) function. It rounds a number to the nearest multiple that
you provide.

=MROUND(A1,.125)

A1 is the number you're rounding
..125 is 1/8

This function is part of the Analysis ToolPak, so you'll need to make sure
that is installed. TOOLS --> ADD-INS --> check ANALYSIS TOOLPAK --> OK.

HTH,
Elkar

 

[Ron Rosenfeld]

On Tue, 31 Jan 2006 16:26:28 -0800, "Renee Nguy" <Renee

Please help me create a formula to round interest rate to nearest eighth.
Example:
original interest rate is 6.89
Rate needs to be either 6.875 or 7.00.
The formula needs to calculate the difference between 7.00-6.89 and
6.89-6.875 and determine whichever difference is less then it would round the
interest rate to either 6.875 or 7.00.
Thank you.

=ROUND(A1/(1/8),0)*1/8


--ron

 

[Guest]

Hi,

One possibility:

=ROUND(A1*8,0)/8

Regards,
B. R. Ramachandran

 

[Ron Rosenfeld]

=ROUND(A1/(1/8),0)*1/8


--ron

which, of course, is the same as

=ROUND(A1*8,0) / 8


--ron

 

[Guest]

Thank you Ron so much. You are a genius and awesome!!!

 

[Guest]

Thanks B. You are awesome!!! Your formula totally worked.