I guess this should be it....
Savings = 1, 250
Tenure = 48 months
Total Savings =
Savings x
Tenure = 60, 000
Future Value = 79, 000
Interest Amount =
Future Value -
Total Savings = 19,000
Interest Rate (%) =
Interest Amount (19,000) x 100/
Total Savings (60,000)
= 31.67%
To check the accuracy
Take 31.67% of 1, 250 and that gives
395.88 as the interest amount per month. Multiply that by 48 months and it gives you
19,002 as the accumulated interest. Add this to your
Total Savings and it will give you 79,002.
Then an off the air code should be something like this
but not tested:
CODE
Function GetInterestRate(strSavings As Double, _
intmonths As Integer, _
strFutureValue As Double) As String
Dim strTotalSavings As Double
Dim strInterestAmount As Double
Dim strTempVal As Double
strTotalSavings = strSavings * intmonths
strInterestAmount = strFutureValue - strTotalSavings
strTempVal = (strInterestAmount * 100) / strTotalSavings
GetInterestRate = strTempVal & "%"
End Function
With a quick test from your immediate window, you should get:
31.6666666666667%
from
? GetInterestRate(1250, 48, 79000)