Alteryx 'FinanceRate' function output different to Excel 'Rate' formula

Hi Community

I am having the issue of trying to replicate Excel's "Rate" formula in Alteryx but it doesn't provide the same output.

The 'FinanceRate' formula output is materially different. It's not rounding between the two calculations.

Does anyone have a solution to be able to replicate Excel's "Rate" formula in Alteryx?

Thanks

*the inputs need to be based on fortnightly payments, not monthly, and the interest rate used in the PV section is slightly different

FinanceRate (Fortnightly).yxmd

Excel Rate (Fortnightly).xlsx

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Accepted answers

apathetichell

try editing your excel function by supplying a guess (without one it starts at .10. I used .0008. Once applied - I saw

23.61483%

in excel. Which is decently close to 0.232612 in Alteryx.

_dexter

My issue was not is Excel or Alteryx right or wrong, my question was how do I replicate Excel's 'Rate' formula in Alteryx

I can't mark your solution as correct because you say Alteryx is right and Excel is wrong as it doesn't actually answer the stated question.

Someone in my organisation has helped provide the solution which I've attached.

Thanks

Interest Yield Macro (Excel Formula).yxmc

All comments

apathetichell

can you share some sample data - and your settings in both excel and alteryx - note - FinanceRate should be wrong - but it should be rounding wrong.

_dexter

Have attached files (excel and alteryx) - not sure what you mean about sharing settings sorry.

Inputs also need to be in fortnightly payments and have adjusted for this in both excel and alteryx.

apathetichell

hey - sorry - the attachment didn't go through. By settings - I mean how is your =rate(...) function set up in Excel - and how is your formula tool configured in Alteryx.

apathetichell

length of compounding period shouldn't matter as long as nper are correct and interest rate has been adjusted accordingly.

apathetichell

try editing your excel function by supplying a guess (without one it starts at .10. I used .0008. Once applied - I saw

23.61483%

in excel. Which is decently close to 0.232612 in Alteryx.

apathetichell

Hey! just wanted to check in - can you mark my solution as correct since this is an Excel error - not an Alteryx issue.

_dexter

My issue was not is Excel or Alteryx right or wrong, my question was how do I replicate Excel's 'Rate' formula in Alteryx

Thanks

Interest Yield Macro (Excel Formula).yxmc

apathetichell

your question was why are you getting such different results between Alteryx and Excel -your Alteryx formula was set up correctly -your excel formula was wrong.

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