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This article describes the formula syntax and usage of the RATE function in Microsoft Excel.

Description

Returns the interest rate per period of an annuity. RATE is calculated by iteration and can have zero or more solutions. If the successive results of RATE do not converge to within 0.0000001 after 20 iterations, RATE returns the #NUM! error value.

Syntax

RATE(nper, pmt, pv, [fv], [type], [guess])

Note: For a complete description of the arguments nper, pmt, pv, fv, and type, see PV.

The RATE function syntax has the following arguments:

Nper Required. The total number of payment periods in an annuity.
Pmt Required. The payment made each period and cannot change over the life of the annuity. Typically, pmt includes principal and interest but no other fees or taxes. If pmt is omitted, you must include the fv argument.
Pv Required. The present value — the total amount that a series of future payments is worth now.
Fv Optional. The future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (the future value of a loan, for example, is 0). If fv is omitted, you must include the pmt argument.
Type Optional. The number 0 or 1 and indicates when payments are due.

Set type equal to	If payments are due
0 or omitted	At the end of the period
1	At the beginning of the period

Guess Optional. Your guess for what the rate will be.
- If you omit guess, it is assumed to be 10 percent.
- If RATE does not converge, try different values for guess. RATE usually converges if guess is between 0 and 1.

Remarks

Make sure that you are consistent about the units you use for specifying guess and nper. If you make monthly payments on a four-year loan at 12 percent annual interest, use 12%/12 for guess and 4*12 for nper. If you make annual payments on the same loan, use 12% for guess and 4 for nper.

Example

Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

Data	Description
4	Years of the loan
-200	Monthly payment
8000	Amount of the loan
Formula	Description	Result
=RATE(A2*12, A3, A4)	Monthly rate of the loan with the terms entered as arguments in A2:A4.	1%
=RATE(A212, A3, A4)12	Annual rate of the loan with the same terms.	9.24%

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Источник

The RATE function in Excel is used to calculate the rate levied on a period of a loan. It is a built-in function in Excel. It takes the number of payment periods, pmt, present value, and future value as an input. The input provided to this formula is in integers, and the output is in percentages.

For example, suppose we have a dataset of the 5-year loan of $25,000 in cell B1 with monthly payments of $1000 in cell B2 has 60 periods in cell B3. We need to find the interest rate on the student loan. In such a scenario, we can use the RATE function in Excel:

=RATE(B3,B2,-B1)*12

=4.1%.

RATE Excel Function
- RATE Formula in Excel
- Explanation
- How to Use RATE Function in Excel?
  - Example #1
  - Example #2
  - Example #3
  - Example #4
- Things to Remember
- Recommended Articles

RATE Formula in Excel

Explanation

Compulsory Parameter:

Nper: Nper is the total number of the period for the loan/investment amount to be paid. For example, considering the 5 years terms means 5*12=60.
Pmt: The fixed amount paid per period cannot be changed during the annuity’s life.
Pv: Pv is the total loan amount or present value.

Optional Parameter:

[Fv]: It is also called the future value and is optional in the RATE function in Excel. And if not passed in this function, it will be considered zero.
[Type]: It can be omitted from the RATE function in Excel and used as 1 if payments are due at the beginning of the period and considered as 0 in case the payments are due at the end of the period.
[Guess]: It is also an optional parameter; if omitted, it is assumed as 10%.

How to Use the RATE Function in Excel?

The RATE function in Excel is very simple and easy to use and can be used as a worksheet function and VBA function. Therefore, this function is used as a worksheet function.

You can download this Rate Function Excel Template here – Rate Function Excel Template

Example #1

Suppose the investment amount is 25,000, and the period is 5 years. Here the number of payments nperNPER, commonly known as the number of payment periods for a loan, is a financial term and an inbuilt financial function in Excel that can be used to calculate NPER for any loan. This formula takes rate, payment made, present value and future value as input from a user.read more will be =5*12=60 payments in total, and we have considered 500 as a fixed monthly payment and then calculated the interest rate using the RATE function in Excel.

Output will be: =RATE (C5, C4,-C3)*12 = 7.4%

Example #2

Let us consider another example wherein the interest rate per payment period on a 5,000 investment amount where monthly payments of 250 are made for 2 years so period will be=12*2=24. Here we have considered that all payments are made at the beginning of the period, so the type will be 1.

Calculation of interest rate are as follows:

=RATE(C13,-C12, C11,, 1) output will be: 1.655%

Example #3

Let us take another example for weekly payment. This next example returns the interest rate on a loan amount of 8,000 where weekly payments of 700 are made for 4 years. Here, we have considered that all payments are made at the end of the period so that type will be 0 here.

The output will be: =RATE(C20,-C19, C18,, 0) = 8.750%.

Example #4

In the final example, we have considered that the loan amount will be 8,000, and annual payments of 950 are made for 10 years. Here, we assume that all the payments are made at the end of the period, then the type will be 0.

The output will be: =RATE(C28,-C27, C26) =3.253%

RATE in Excel is used as a VBA functionVBA functions serve the primary purpose to carry out specific calculations and to return a value. Therefore, in VBA, we use syntax to specify the parameters and data type while defining the function. Such functions are called user-defined functions.read more.

Dim Rate_value As Double

Rate_value = Rate(10*1, -950, 800)

Msgbox Rate_value

And output will be 0.3253

Things to Remember

Below are the few error details that can come in RATE in Excel if wrong arguments are passed in the RATE function in Excel.

Error handling #NUM!: If the interest RATE does not converge to 0.0000001 after 20 iterations, then the RATE excel function returns the #NUM! Error value.

Error handling #VALUE!: The RATE Excel function through a #VALUE! Error when any non-numeric value has been passed in the RATE formula in the Excel argument.

We must convert the number of periods to month or quarter per your requirement.
If the output of this function seems like 0, then there is no decimal value, then we must format the cell value to percentage format.

Recommended Articles

This article is a guide to Rate Function in Excel. Here, we discuss the RATE formula in Excel and how to use the RATE function, along with Excel examples and downloadable Excel templates. You may also look at these useful functions in Excel: –

Negative Interest Rate MeaningWhen the interest rate falls below 0 percent, we have a negative interest scenario. This implies that banks will charge you interest for keeping your money with them. It is more common during periods of extreme deflation.read more
Excel Record MacrosRecording macros is a method whereby excel stores the tasks performed by the user. Every time a macro is run, these exact actions are performed automatically. Macros are created in either the View tab (under the “macros” drop-down) or the Developer tab of Excel.
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Date yes Add (Subtract) Days to a Date Concatenate Dates Convert Date to Number Convert Date to Text Month Name to Number Create Date Range from Dates Day Number of Year Month Name from Date First Day of Month Add (Subtract) Weeks to a Date If Functions with Dates Max Date Number of Days Between Dates Number of Days in a Month Number of Weeks Between Dates Number of Years Between Dates Split Date & Time into Separate Cells Countdown Remaining Days Insert Dates Random Date Generator Using Dynamic Ranges — Year to Date Values Add (Subtract) Years to a Date Date Formula Examples Extract Day from Date Get Day Name from Date Count Days Left in Month / Year Count Workdays Left in Month / Year Get Last Day of Month Last Business Day of Month / Year Number of Work / Business Days in Month Weekday Abbreviations Auto Populate Dates Number of Months Between Dates Quarter from a Date Years of Service Change Date Format Compare Dates Time yes Add (Subtract) Hours to Time Add (Subtract) Minutes to Time Add (Subtract) Seconds to Time Add Up time (Total Time) Time Differences Change Time Format Convert Minutes to Hours Convert Time to Decimal Convert Time to Hours Convert Time to Minutes Convert Time to Seconds Military Time Round Time to Nearest 15 Minutes Overtime Calculator Number of Hours Between Times Convert Seconds to Minutes, Hours, or Time Count Hours Worked Time Differences Time Format — Show Minutes Seconds Text yes Add Commas to Cells Get First Word from Text Capitalize First Letter Clean & Format Phone #s Remove Extra Trailing / Leading Spaces Add Spaces to Cell Assign Number Value to Text Combine Cells with Comma Combine First and Last Names Convert Text String to Date Convert Text to Number Extract Text From Cell Get Last Word Remove Unwated Characters Extract Text Before or After Character How to Split Text String by Space, Comma, & More Remove Special Characters Remove First Characters from Left Substitute Multiple Values Switch First & Last Names w/ Commas Remove Specific Text from a Cell Extract Text Between Characters (Ex. Parenthesis) Add Leading Zeros to a Number Remove Line Breaks from Text Remove all Numbers from Text Reverse Text Remove Non-Numeric Characters Remove Last Character(s) From Right Separate First and Last Names Separate Text & Numbers Round yes Round Formulas Round Price to Nearest Dollar or Cent Round to Nearest 10, 100, or 1000 Round to Nearest 5 or .5 Round Percentages Round to Significant Figures Count yes Count Blank and Non-blank Cells Count Cells Between Two Numbers Count Cells not Equal to Count if Cells are in Range Count Times Word Appears in Cell Count Words in Cell Count Specific Characters in Column Count Total Number of Characters in Column Count Cells that Equal one of two Results Count Cells that do not Contain Count Cells that Contain Specific Text Count Unique Values in Range Countif — Multiple Criteria Count Total Number of Cells in Range Count Cells with Any Text Count Total Cells in a Table Lookup yes Two Dimensional VLOOKUP VLOOKUP Simple Example Vlookup — Multiple Matches Case Sensitive Lookup Case Sensitive VLOOKUP Sum if — VLOOKUP Case Sensitive Lookup Case Sensitive VLOOKUP Find Duplicates w/ VLOOKUP or MATCH INDEX MATCH MATCH Lookup — Return Cell Address (Not Value) Lookup Last Value in Column or Row Reverse VLOOKUP (Right to Left) Risk Score Bucket with VLOOKUP Sum with a VLOOKUP Function VLOOKUP & INDIRECT VLOOKUP Concatenate VLOOKUP Contains (Partial Match) 17 Reasons Why Your XLOOKUP is Not Working Double (Nested) XLOOKUP — Dynamic Columns IFERROR (& IFNA) XLOOKUP Lookup Min / Max Value Nested VLOOKUP Top 11 Alternatives to VLOOKUP (Updated 2022!) VLOOKUP – Dynamic Column Reference VLOOKUP – Fix #N/A Error VLOOKUP – Multiple Sheets at Once VLOOKUP & HLOOKUP Combined VLOOKUP & MATCH Combined VLOOKUP Between Worksheets or Spreadsheets VLOOKUP Duplicate Values VLOOKUP Letter Grades VLOOKUP Return Multiple Columns VLOOKUP Returns 0? Return Blank Instead VLOOKUP w/o #N/A Error XLOOKUP Multiple Sheets at Once XLOOKUP Between Worksheets or Spreadsheets XLOOKUP by Date XLOOKUP Duplicate Values XLOOKUP Multiple Criteria XLOOKUP Return Multiple Columns XLOOKUP Returns 0? Return Blank Instead XLOOKUP Text XLOOKUP with IF XLOOKUP With If Statement Misc. yes Sort Multiple Columns Use Cell Value in Formula Percentage Change Between Numbers Percentage Breakdown Rank Values Add Spaces to Cell CAGR Formula Average Time Decimal Part of Number Integer Part of a Number Compare Items in a List Dealing with NA() Errors Get Worksheet Name Wildcard Characters Hyperlink to Current Folder Compound Interest Formula Percentage Increase Create Random Groups Sort with the Small and Large Functions Non-volatile Function Alternatives Decrease a Number by a Percentage Calculate Percent Variance Profit Margin Calculator Convert Column Number to Letter Get Full Address of Named Range Insert File Name Insert Path Latitute / Longitude Functions Replace Negative Values Reverse List Range Convert State Name to Abbreviation Create Dynamic Hyperlinks Custom Sort List with Formula Data Validation — Custom Formulas Dynamic Sheet Reference (INDIRECT) Reference Cell in Another Sheet or Workbook Get Cell Value by Address Get Worksheet Name Increment Cell Reference List Sheet Names List Skipped Numbers in Sequence Return Address of Max Value in Range Search by Keywords Select Every Other (or Every nth) Row Basics yes Cell Reference Basics — A1, R1C1, 3d, etc. Add Up (Sum) Entire Column or Row Into to Dynamic Array Formulas Conversions yes Convert Time Zones Convert Celsius to Fahrenheit Convert Pounds to Kilograms Convert Time to Unix Time Convert Feet to Meters Convert Centimeters to Inches Convert Kilometers to Miles Convert Inches to Feet Convert Date to Julian Format Convert Column Letter to Number Tests yes Test if a Range Contains any Text Test if any Cell in Range is Number Test if a Cell Contains a Specific Value Test if Cell Contains Any Number Test if Cell Contains Specific Number Test if Cell is Number or Text If yes Percentile If Subtotal If Sumproduct If Large If and Small If Median If Concatentate If Max If Rank If TEXTJOIN If Sum yes Sum if — Begins With / Ends With Sum if — Month or Year to Date Sum if — By Year Sum if — Blank / Non-Blank Sum if — Horizontal Sum Count / Sum If — Cell Color INDIRECT Sum Sum If — Across Multiple Sheets Sum If — By Month Sum If — Cells Not Equal To Sum If — Not Blank Sum if — Between Values Sum If — Week Number Sum Text Sum if — By Category or Group Sum if — Cell Contains Specific Text (Wildcards) Sum if — Date Rnage Sum if — Dates Equal Sum if — Day of Week Sum if — Greater Than Sum if — Less Than Average yes Average Non-Zero Values Average If — Not Blank Average — Ignore 0 Average — Ignore Errors Math yes Multiplication Table Cube Roots nth Roots Square Numbers Square Roots Calculations yes Calculate a Ratio Calculate Age KILLLLLLL Calculate Loan Payments GPA Formula Calculate VAT Tax How to Grade Formulas Find yes Find a Number in a Column / Workbook Find Most Frequent Numbers Find Smallest n Values Find nth Occurance of Character in Text Find and Extract Number from String Find Earliest or Latest Date Based on Criteria Find First Cell with Any Value Find Last Row Find Last Row with Data Find Missing Values Find Largest n Values Most Frequent Number Conditional Formatting yes Conditional Format — Dates & Times Conditional Format — Highlight Blank Cells New Functions XLOOKUP Replaces VLOOKUP, HLOOKUP, and INDEX / MATCH Logical yes AND Checks whether all conditions are met. TRUE/FALSE IF If condition is met, do something, if not, do something else. IFERROR If result is an error then do something else. NOT Changes TRUE to FALSE and FALSE to TRUE. OR Checks whether any conditions are met. TRUE/FALSE XOR Checks whether one and only one condition is met. TRUE/FALSE Lookup & Reference yes FALSE The logical value: FALSE. TRUE The logical value: TRUE. ADDRESS Returns a cell address as text. AREAS Returns the number of areas in a reference. CHOOSE Chooses a value from a list based on it’s position number. COLUMN Returns the column number of a cell reference. COLUMNS Returns the number of columns in an array. HLOOKUP Lookup a value in the first row and return a value. HYPERLINK Creates a clickable link. INDEX Returns a value based on it’s column and row numbers. INDIRECT Creates a cell reference from text. LOOKUP Looks up values either horizontally or vertically. MATCH Searches for a value in a list and returns its position. OFFSET Creates a reference offset from a starting point. ROW Returns the row number of a cell reference. ROWS Returns the number of rows in an array. TRANSPOSE Flips the oriention of a range of cells. VLOOKUP Lookup a value in the first column and return a value. Date & Time yes DATE Returns a date from year, month, and day. DATEDIF Number of days, months or years between two dates. DATEVALUE Converts a date stored as text into a valid date DAY Returns the day as a number (1-31). DAYS Returns the number of days between two dates. DAYS360 Returns days between 2 dates in a 360 day year. EDATE Returns a date, n months away from a start date. EOMONTH Returns the last day of the month, n months away date. HOUR Returns the hour as a number (0-23). MINUTE Returns the minute as a number (0-59). MONTH Returns the month as a number (1-12). NETWORKDAYS Number of working days between 2 dates. NETWORKDAYS.INTL Working days between 2 dates, custom weekends. NOW Returns the current date and time. SECOND Returns the second as a number (0-59) TIME Returns the time from a hour, minute, and second. TIMEVALUE Converts a time stored as text into a valid time. TODAY Returns the current date. WEEKDAY Returns the day of the week as a number (1-7). WEEKNUM Returns the week number in a year (1-52). WORKDAY The date n working days from a date. WORKDAY.INTL The date n working days from a date, custom weekends. YEAR Returns the year. YEARFRAC Returns the fraction of a year between 2 dates. Engineering yes CONVERT Convert number from one unit to another. Financial yes FV Calculates the future value. PV Calculates the present value. NPER Calculates the total number of payment periods. PMT Calculates the payment amount. RATE Calculates the interest Rate. NPV Calculates the net present value. IRR The internal rate of return for a set of periodic CFs. XIRR The internal rate of return for a set of non-periodic CFs. PRICE Calculates the price of a bond. YIELD Calculates the bond yield. INTRATE The interest rate of a fully invested security. Information yes CELL Returns information about a cell. ERROR.TYPE Returns a value representing the cell error. ISBLANK Test if cell is blank. TRUE/FALSE ISERR Test if cell value is an error, ignores #N/A. TRUE/FALSE ISERROR Test if cell value is an error. TRUE/FALSE ISEVEN Test if cell value is even. TRUE/FALSE ISFORMULA Test if cell is a formula. TRUE/FALSE ISLOGICAL Test if cell is logical (TRUE or FALSE). TRUE/FALSE ISNA Test if cell value is #N/A. TRUE/FALSE ISNONTEXT Test if cell is not text (blank cells are not text). TRUE/FALSE ISNUMBER Test if cell is a number. TRUE/FALSE ISODD Test if cell value is odd. TRUE/FALSE ISREF Test if cell value is a reference. TRUE/FALSE ISTEXT Test if cell is text. TRUE/FALSE N Converts a value to a number. NA Returns the error: #N/A. TYPE Returns the type of value in a cell. Math yes ABS Calculates the absolute value of a number. 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QUOTIENT Returns the integer result of division. RADIANS Converts an angle into radians. RAND Calculates a random number between 0 and 1. RANDBETWEEN Calculates a random number between two numbers. ROUND Rounds a number to a specified number of digits. ROUNDDOWN Rounds a number down (towards zero). ROUNDUP Rounds a number up (away from zero). SIGN Returns the sign of a number. SIN Returns the sine of an angle. SQRT Calculates the square root of a number. SUBTOTAL Returns a summary statistic for a series of data. SUM Adds numbers together. SUMIF Sums numbers that meet a criteria. SUMIFS Sums numbers that meet multiple criteria. SUMPRODUCT Multiplies arrays of numbers and sums the resultant array. TAN Returns the tangent of an angle. TRUNC Truncates a number to a specific number of digits. Stats yes AVERAGE Averages numbers. AVERAGEA Averages numbers. Includes text & FALSE =0, TRUE =1. AVERAGEIF Averages numbers that meet a criteria. AVERAGEIFS Averages numbers that meet multiple criteria. CORREL Calculates the correlation of two series. COUNT Counts cells that contain a number. COUNTA Count cells that are non-blank. COUNTBLANK Counts cells that are blank. COUNTIF Counts cells that meet a criteria. COUNTIFS Counts cells that meet multiple criteria. FORECAST Predict future y-values from linear trend line. FREQUENCY Counts values that fall within specified ranges. GROWTH Calculates Y values based on exponential growth. INTERCEPT Calculates the Y intercept for a best-fit line. LARGE Returns the kth largest value. LINEST Returns statistics about a trendline. MAX Returns the largest number. MEDIAN Returns the median number. MIN Returns the smallest number. MODE Returns the most common number. PERCENTILE Returns the kth percentile. PERCENTILE.INC Returns the kth percentile. Where k is inclusive. PERCENTILE.EXC Returns the kth percentile. Where k is exclusive. QUARTILE Returns the specified quartile value. QUARTILE.INC Returns the specified quartile value. Inclusive. QUARTILE.EXC Returns the specified quartile value. Exclusive. RANK Rank of a number within a series. RANK.AVG Rank of a number within a series. Averages. RANK.EQ Rank of a number within a series. Top Rank. SLOPE Calculates the slope from linear regression. SMALL Returns the kth smallest value. STDEV Calculates the standard deviation. STDEV.P Calculates the SD of an entire population. STDEV.S Calculates the SD of a sample. STDEVP Calculates the SD of an entire population TREND Calculates Y values based on a trendline. Text yes CHAR Returns a character specified by a code. CLEAN Removes all non-printable characters. CODE Returns the numeric code for a character. CONCATENATE Combines text together. DOLLAR Converts a number to text in currency format. EXACT Test if cells are exactly equal. Case-sensitive. TRUE/FALSE FIND Locates position of text within a cell.Case-sensitive. LEFT Truncates text a number of characters from the left. LEN Counts number of characters in text. LOWER Converts text to lower case. MID Extracts text from the middle of a cell. PROPER Converts text to proper case. REPLACE Replaces text based on it’s location. REPT Repeats text a number of times. RIGHT Truncates text a number of characters from the right. SEARCH Locates position of text within a cell.Not Case-sensitive. SUBSTITUTE Finds and replaces text. Case-sensitive. TEXT Converts a value into text with a specific number format. TRIM Removes all extra spaces from text. UPPER Converts text to upper case. VALUE Converts a number stored as text into a number.

Источник

Purpose

Get the interest rate per period of an annuity

Return value

The interest rate per period

Usage notes

The RATE function returns the interest rate per period of an annuity. You can use RATE to calculate the periodic interest rate, then multiply as required to derive the annual interest rate. The RATE function calculates by iteration. If the results of RATE do not converge within 20 iterations, RATE returns the #NUM! error value.

The RATE function takes six separate arguments, three of which are required as explained below.

nper (required) — The total number of payment periods in the annuity. For example, a 5-year car loan with monthly payments has 60 periods. You can enter nper as 5*12 to show how the number was determined.

pmt (required) — The payment made each period. This number cannot change over the life of the annuity. In annuity functions, cash paid out is represented by a negative number. Note: If pmt is not provided, the optional fv argument must be supplied.

pv (optional) — The present value. This is the cash balance required after all payments have been made.

fv (optional) — The future value, or a cash balance required after the last payment is made. When fv is omitted, it defaults to zero (0) and pmt must be provided.

type (optional) — type is a boolean that controls when when payments are due. Use 0 for payments due at the end of the period (regular annuities) and 1 for payments due at the end of the period (annuities due). Type defaults to 0 (end of period).

guess (optional) — guess is a seed value to use for iteration. When omitted, guess defaults to 10%. Ordinarily, you can safely omit guess. If RATE does not converge, RATE will return a #NUM! error. Try different values for guess between 0 and 1.

Example

To calculate the annual interest rate for a $5000 loan with payments of $93.22 per month over 5 years, you can use RATE in a formula like this:

=RATE(60,-93.22,5000)*12 // returns 4.5%

In the example shown, the formula in C10 is:

=RATE(C7,-C6,C5)*C8 // returns 4.5%

Notice the value for pmt from C6 is entered as a negative value.

Notes

You must use consistent values for for guess and nper. If you make monthly payments on a five-year loan at 10 percent annual interest, use 10%/12 for guess and 5*12 for nper. If you make annual payments on the same loan, use 10% for guess and 5 for nper.

Источник

RATE Function (Table of Contents)

Introduction to RATE Function in Excel
RATE Formula in Excel
How to Use RATE Function?

Introduction to RATE Function in Excel

Let’s assume an example. Ram wants to take a loan/borrow some amount of money or wants to invest some money from a financial company XYZ. The company needs to do some financial calculations like the customer has to pay something to the financial company against loan amount or how much customer needs to invest so that after some time he/she can get this much amount of money.

In these scenarios, Excel has the most important function, “RATE”, which is part of a financial function.

What is the RATE Function?

A function that is used to calculate the interest rate for paying the specified amount of a loan or to get the specified amount of an investment after some period of time is called the RATE function.