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Rate - script and chart function

This function returns the interest rate per period on annuity. The result has a default number format of Fix two decimals and %.


Rate(nper, pmt , pv [ ,fv [ , type ] ])

Return data type: numeric.

The rate is calculated by iteration and can have zero or more solutions. If the successive results of rate do not converge, a NULL value will be returned.


Rate arguments
Argument Description
nper The total number of payment periods in an annuity.


The payment made each period. It cannot change over the life of the annuity. A payment is stated as a negative number, for example, -20.


The present value, or lump-sum amount, that a series of future payments is worth right now. If pv is omitted, it is assumed to be 0 (zero).


The future value, or cash balance, you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0.


Should be 0 if payments are due at the end of the period and 1 if payments are due at the beginning of the period. If type is omitted, it is assumed to be 0.

Examples and results:  

Examples and results
Example Result

What is the interest rate of a five-year $10,000 annuity loan with monthly payments of $300?


Returns 2.00%