Calc - Rate Function similar to Excel

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charles meyer charles meyer
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Calc - Rate Function similar to Excel

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.

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Johnny Rosenberg Johnny Rosenberg
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Re: Calc - Rate Function similar to Excel

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


2018-06-07 19:53 GMT+02:00 charles meyer <[hidden email]>:

> 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.
>
> --
> To unsubscribe e-mail to: [hidden email]
> Problems? https://www.libreoffice.org/get-help/mailing-lists/how-to-
> unsubscribe/
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charles meyer charles meyer
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Re: Calc - Rate Function similar to Excel

In reply to this post by charles meyer
Hi Johnny,

My apologizes for not being clearer.

I've never used Rate Function in Excel nor Calc.

I've explored the ? Help function but that's not altogether clear for me.

I'm trying to figure out the step-by-step of calculating the interest rate
(not total interest amount charged for the length of the loan) on a car
loan where $11,886.87 is borrowed and the monthly payments are $291.09 a
month for 48 months.

I open Calc and then where do I find Rate Function?

Once that feature is activated, how/where do I input the factors I have to
have it calculate the interest rate?

Thank you for your help.

Charles.

From: Johnny Rosenberg <[hidden email]>
To: "LibreOffice Användare" <[hidden email]>
Date: Thu, 7 Jun 2018 21:10:56 +0200
Subject: Re: [libreoffice-users] Calc - Rate Function similar to Excel
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

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Michael D. Setzer II Michael D. Setzer II
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Re: Calc - Rate Function similar to Excel

In reply to this post by charles meyer
=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?


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