QUESTION No. 14
Mr. ShyamLal took a loan of 200,000 fro State Bank of India ₹ Cherukara and No of
Instalments is 84 months. Calculate the rate assuming payments ₹3300 per month using
appropriate appropriate Function
Procedure and Answers
i).Open Libreoffice Calc.
ii). Enter values in the cells as given below

iii) Compute RATE in the cell B4 by the formula
=RATE(B1,B2,B3,B4,B5)
Returns 0.82%
iv) multiply by 12 to convert rate into Annual rate
=B6*12 OR =RATE(B1,B2,B3,B4,B5)*12
Output 10%