I had a question regarding Excel and the Goal Seek function. If I had to pay an initial cost of $200, loan was $100,000 and time was 5 yrs (60 periods) with monthly repayments of $2,000 how would i find the actual borrowing rate given that there is an initial cost of $200.
I was able to find the rate without the initial $200 cost which was 7.42009580029783% (could someone confirm please). But how do I find the rate given the initial cost?
Thank you very much
Solved by S. H. in 15 mins