RATE Google Sheet Formula

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RATE Formula Syntax

=RATE(360, -1000, 200000)

Example Use Case

Calculating the interest rate for a loan or investment

Understanding the RATE Formula

The RATE function in Excel calculates the interest rate per period for a loan or investment based on constant payments and a fixed time frame. It's a financial analysis tool for rate calculation—like determining the effective interest rate of a loan or the yield of an investment.

RATE(360, -1000, 200000) calculates the monthly interest rate for a $200,000 loan with $1,000 monthly payments over 30 years. It takes nper, pmt, pv, and optional fv, type, and guess arguments, solving for the periodic interest rate—useful for comparing loan terms or evaluating actual returns.

Why Use RATE?

RATE reveals true costs/returns—think loan evaluation or investment analysis. Its iterative calculation determines the exact rate that makes the present value equation balance, providing insight into actual loan costs or investment performance beyond stated figures.

Example with Sample Data

Parameters	Formula	Result
Term: 360 months Payment: -$1,000/month Present Value: $200,000 Future Value: $0 Type: 0 (end of period)	=RATE(360, -1000, 200000)	0.00321 (0.321% monthly)
Annual Rate: =RATE*12	=RATE(360, -1000, 200000)*12	0.03852 (3.85% annually)
Term: 60 months Payment: -$400/month Present Value: $20,000 Future Value: $0 Type: 0 (end of period)	=RATE(60, -400, 20000)	0.00548 (0.548% monthly, 6.58% annually)

RATE solves for interest: 0.321% monthly (3.85% annual) for the mortgage example, 0.548% monthly (6.58% annual) for the 5-year loan. It's an interest rate finder.