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How do you calculate the APR on a car loan in Excel?
Is there a way to calculate the APR of a car loan in Excel? I use Excel for most of my financial calculations, but I’m not sure if there’s a way to use it for interest rates. I want to make sure that I pay the lowest amount possible on my loan.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great that you’re so familiar with Excel—that definitely makes financial calculations a lot easier. To calculate the
APR
on a car loan in Excel, you’ll use the RATE function. The formula will be:**=RATE(number of payments, payment amount, value of loan minus any fees required to get the loan, final value) 12**
Then, type this equation into a blank cell on Excel and plug in the numbers specific to your car loan. These values should be in your loan agreement, but you can contact your lender if you’re unsure about any of them.
Be sure not to include any fees in the loan value, as this will change the APR value. You should use 0 for the final value and put a negative sign in front of the payment amount.
It might take some calculations to find your loan APR, but it’s easy to find the right insurance policy for your vehicle with the
Jerry
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