Excel Functions

# Excel RATE Function

RATE function is a financial function that 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.

## Purpose of Excel RATE Function

Get the interest rate per period of an annuity.

## Return value

The interest rate per period.

## Syntax

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

## Usage notes

• You must be consistent with units 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.

### Availability

Since 2007 for Windows.
Since 2011 for Mac.

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