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Thread: find interest rate of an annuity?

  1. 08-18-2007, 11:21 PM #1
    slym34
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    find interest rate of an annuity?

    I am trying to manually calculate excels RATE() Fucntion...
    I have the following info and need to find the rate.. how can this be done without excel?

    total interest = 209,272.97
    years in loan = 30
    payments/yr = 12
    total paymnets = 360
    beg bal = 200000
    ending balance = 0

    answer should come out to 5.51%.
    Any helps is greatly appreciated. Thanks!
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  2. 08-21-2007, 07:19 PM #2
    EvolveDesigns
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    sorry dunno much about that, but if you explain the math behind it i can convert to an actionscript function for you
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  3. 08-21-2007, 10:12 PM #3
    slym34
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    i don't understand a word you said!! LOL...
    uhm, basically it needs to find a rate that would in turn cause x amount of interest to be incurred throughout the life of a mortgage loan...

    Quote Originally Posted by EvolveDesigns
    sorry dunno much about that, but if you explain the math behind it i can convert to an actionscript function for you
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  4. 08-22-2007, 07:28 PM #4
    EvolveDesigns
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    TRANSLATION: can you post the formula used to get this result?
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  5. 08-22-2007, 10:24 PM #5
    slym34
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    oohhhhhhhhhhhhhhhhhhhhh sure!


    I have attached the excel file with the formula... hope this is ok..

    Quote Originally Posted by EvolveDesigns
    TRANSLATION: can you post the formula used to get this result?
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  6. 08-23-2007, 11:44 AM #6
    EvolveDesigns
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    thaat should do it, when i have a moment, i'll whip something up today
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