Excel 2007 Using Goal Seek To Determine New Rate

Hello,

Please see the attached example.  I apologize for how the data is located but I tried to keep everything on the same rows as the actual spreadsheet.

I would like to know if goal seek can be used with a payment formula in order to take the guess work on adjusting a rate to equal a particular amount.  As it stands, in order to make the calculation result equal the amount required, we are having to enter multiple random rate percentages.  Im hoping someone will have suggestions on how to take the guess work out and thought goal seek might be a solution but I can seem to wrap my head around it with this existing format.

What Im hoping to obtain is some instructions on how to use goal seek in the attached file so that if we want the amount in E74 to equal $1,880.00 goal seek will automatically change the rate amount in cell E64 to 4.55%.

Thanks!
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EscanabaAsked:
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Patrick MatthewsConnect With a Mentor Commented:
Yes, Goal Seek will do this readily.

1) Select Data / Data Tools / What If / Goal Seek from the ribbon

2) In Goal Seek, set e74 to value 1880 by changing cell e64

3) Result is 4.55%
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EscanabaAuthor Commented:
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