Access tutorial 10.14 supplement content 11: Rate Function

Rate (nper, pmt, pv [, fv [, type [, guess]) returns a Double value, specifying the annuities of each period. Nper is required. Double specifies the total number of payment periods for an annuity. For example, if you choose to pay by month for a four-year car loan, there will be 4*12 (or 48) payment periods. Pmt is required. Double, specify

Rate (nper, pmt, pv [, fv [, type [, guess]) returns a Double value, specifying the annuities of each period. Nper is required. Double specifies the total number of payment periods for an annuity. For example, if you choose to pay by month for a four-year car loan, there will be 4*12 (or 48) payment periods. Pmt is required. Double, specify

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

Returns a Double value indicating the annuities of each period.

Nper is required. Double specifies the total number of payment periods for an annuity. For example, if you choose to pay by month for a four-year car loan, there will be 4*12 (or 48) payment periods.

Pmt is required. Double, specifies the payment amount for each period. The payment amount usually includes the principal and interest, and the payment amount remains the same during the active period of the annuity.

Pv is required. Double specifies the present value of a series of future payments or collections. For example, when a loan is made to buy a car, the amount borrowed from the lender is the present value of future monthly payments to the lender.

Fv is optional. Variant specifies the expected future value or cash deposit after the loan is paid. For example, the future value of a loan is 0 USD after the loan is paid. However, if you want to save $50,000 for the past 18 years as the Children's Education Fund, then $50,000 will be worth the future. If omitted, the default value is 0.

Type is optional. Variant: Specifies the loan expiration time. If the loan expires at the end of the loan cycle, use 0. If the loan expires at the beginning of the cycle, use 1. If omitted, the default value is 0.

Optional. Variant specifies the estimated value returned by the Rate. If omitted, guess is 0.1 (10% ).

Note: An annuity is a series of fixed cash payments within a period of time. An annuity can be a loan (such as a mortgage loan) or an investment (such as a monthly savings plan ). For all parameters, cash expenditure (such as savings and deposits) is expressed by a negative number, while cash income (such as dividend check) is expressed by a positive number. Rate is calculated by means of stacks. Starting from the value of guess, Rate is calculated repeatedly until the accuracy reaches 0.00001%. If the result cannot be obtained after 20 stacked tests, the Rate calculation fails. If the prediction is 10% and the Rate calculation fails, try different guess. values.