Calculate Interest Rate for Amortization Schedule

[Arrushing]

I'm trying to calculate the interest rate for an fixed rate amortization schedule using the known factors below:

- Principal Balance
- Term
- Total Interest Paid

Currently the formula that I have found requires the payment in its' formula, however this is an unknown factor with what I'm trying to accomplish.

Is there another formula that includes total interest paid instead of the monthly payment amount in it's calculation? If not, how can I back into calculating this?

Any help would be much appreciated.

 

[Dave Patton]

T202006a.xlsm
	A	B	C
1	Principal	500,000.00
2	Term	25
3	Total interest	505,000.00
4	Payment	3,350.00
5	Rate	0.54%	6.47%
6
7	Payment	$3,350.00
6a

Cell Formulas
Range	Formula
B4	B4	=(B1+B3)/(B2*12)
B5	B5	=RATE(B2*12,-B4,B1,0,1,0.01)
C5	C5	=B5*12
B7	B7	=PMT(C5/12,B2*12,-B1,0,1)

 

[Arrushing]

Awesome!! Thank you Dave, this is perfect!!

 

[Dave Patton]

Thanks for the feedback.