You don't enter that amount here, because you want to use Goal Seek to determine the interest rate, and Goal Seek requires that you start with a formula.īest external hard drive for mac media. In this example, you want to pay $900 each month. This formula calculates the payment amount. Next, add the formula for which you have a goal.Instead, you add the formula to the worksheet and specify the payment value at a later step, when you use Goal Seek. Note: Although you know the payment amount that you want, you do not enter it as a value, because the payment amount is a result of the formula. This is the number of months that you want to pay off the loan. This is the amount that you want to borrow. First, add some labels in the first column to make it easier to read the worksheet.In this example, the monthly payment amount is the goal that you seek. The PMT function calculates a monthly payment amount. Because you want to calculate the loan interest rate needed to meet your goal, you use the. Step-by-step with an example Let's look at the preceding example, step-by-step. If you want to accept more than one input value for example, both the loan amount and the monthly payment amount for a loan, you use the Solver add-in. Cell E19 contains the difference between my actual goal (an input variable in C19) and the calculated value (in D19), so the goal is for E19 to be zero. How can the answer be improved? This is on a worksheet named 'Inverse'. Note: Goal Seek works only with one variable input value. You can use Goal Seek to determine what interest rate you will need to secure in order to meet your loan goal. You know how much money you want, how long you want to take to pay off the loan, and how much you can afford to pay each month. For example, suppose that you need to borrow some money. Excel for Office 365 Excel for Office 365 for Mac Excel 2019 Excel 2016 Excel 2019 for Mac Excel 2013 Excel 2010 Excel 2016 for Mac Excel for Mac 2011 If you know the result that you want from a formula, but are not sure what input value the formula needs to get that result, use the Goal Seek feature.
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