I have less knowledge in Excel , now I want your help to calculate rate of interest in excel without using RATE command. (so that I can try to convert the formula in php) This is the code we use in Excel
- B5= 60
- B4= 16070
- B3= 750000
B6= 1
=RATE(B5,B4,-B3,0,B6)*12
It should give a result of "10.75%" as rate.
How can I get the same result without using 'RATE' or any other commands?