The formula also refers to cell B3, which is where you will specify that Goal Seek put the interest rate. The formula refers to cells B1 and B2, which contain values that you specified in preceding steps. 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. 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. Prepare the worksheetįirst, 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. Let's look at the preceding example, step-by-step.īecause you want to calculate the loan interest rate needed to meet your goal, you use the PMT function. For more information, see Define and solve a problem by using Solver. 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. Note: Goal Seek works only with one variable input value.
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