By default, an interest rate is calculated per payment period.If it fails to converge to a solution after 20 iterations, a #NUM! error is returned. The RATE function calculates through trial and error.To efficiently use RATE formulas in your worksheets, please pay attention to these usage notes: If omitted, it defaults to 10%.ħ things you should know about Excel RATE function ![]() Guess (optional) - your assumption for what the rate might be. ![]()
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