Calculating Your Charged Interest Rate In Excel

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You would think that finding the interest rate being paid on a credit card or another type of loan would be easy right? I mean, the statements generally do include the interest rate that you are being charged. Of course, there are many different ways to present an interest rate and while the ideal and most representative way would be to always include the effective rate, it is not always in the advantage of the lender to present it that way. Why? Because that rate is generally higher and could encourage you to look for a better deal. The companies figure that consumers will not see the difference and in almost all cases they are correct.

Here is a simple way to calculate your charged interest rate, in this example we will use a simple loan but this could be adapted to a number of different situations. You will need a number of different information in order to make the calculation.

End of last period: August 25th
End of this period: September 23rd
Outstanding Loan at the last period: $18,575.00
Interest Rate Charged: $111

Let’s review the formula to calculate interest:

Interest = Loan Amount * Interest Rate * (nb days/365)

In this case, we are missing the interest rate so we will shuffle around the formula:

Interest Rate = Interest / (Loan Amount/ (nb days/365)

In our example that would be:

Interest Rate = $111/18575/(29/365) = 7,52%

See a chart here or you can even download the spreadsheet here

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Calculating Your Charged Interest Rate In Excel | Experiments in Finance



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