To get an annual interest rate multiply a periodic interest rate returned by the function by. You take a loan of amount 5000 with a monthly payment amount of 11543. RATED5D6D7D8D9 The monthly interest rate calculated by using the RATE function is.
Dim Rate_value As Double.
Go to cell B7. Of periods we need to use NPER. If the second parameter is not used in the function Excel will find an IRR of 10. The interest rate here is 3 per year but because the payments are biweekly you need to divide the 3 by 26 the number of biweekly payments made per year.