I have a Microsoft excel sheet including details of the loan providing to staff members of a company. These loans are recovered with an interest. These interest rates are variable with the loan value as follows.
Loan value Interest rate
Less than $ 10,000.00 – 2%
$10,000.00-$25,000.00 – 3%
More than $25, 0000.00 – 4%
I want an excel formula which interest rate to be appeared according to the loan value based on the above conditions?
Can anybody help me?
Need an excel formula in order to pick the interest rate.
Yes, there are many functions in Microsoft excel which we can use to make easy our works. When considering your requirement we can use the “IF” function.
I will take an example according to the conditions that you mentioned in the question.
I assume what you want is the loan interest rate to be appeared in column C according to the loan amount by using the conditions mentioned.
Ok. We will use the “IF” function. Go to the cell C3 and type the following formula.
=IF(B3<10000,2%,IF(B3<25000,3%,IF(B3>25000,4%,"")))
Then copy that formula and paste in the below cells up to the loan amount that you have.
Now interest rates will be displayed as follows.
Need an excel formula in order to pick the interest rate.
There are actually a lot of ways to do this. What I did is the “vlookup” formula wherein if you type a certain value of a cell it looks for the value in a specific table and then gives the value that you have inputted to the same cell. Also you can use “match” formula, “hlookup” formula and “if” formulas. It’s actually fun using excel when you get used to it.
Hope this helps.
