cannot seem to calculate APR in Excel

[Lotus123]

I cannot seem to calculate APR in Excel (or at least anything that matches what I get on various websites). I've tried using a combination of RATE and PMT, but nothing seems to jive.

Suppose I have these amounts:

A1 = Loan Amount of $400
A2 = Interst Rate of 8.4%
A3 = Term of 9 Months
A4 = Fee of $20

What is the formula for APR?

Thanks!

[Lotus123]

By the way, this is the formula I come up with (I have the actual amounts in here instead of the formulas):

=RATE(9,-PMT(0.084/12,9,400)+20/9,-400)*12

I get about 20% APR...but various financial websites are saying it should be 16.8

[jasoncw]

=RATE(nper,PMT(rate,nper,pv_incl_fees),pv_borrowed)

or

=RATE(A3,PMT(A2/12,A3,(A1+A4)),A1)*12

I think that will do it.

Jason

[Lotus123]

Yup, same formula as mine - it also gets about 20% - I'm guessing these financial websites are doing something weird. After more research, I've not been able to find more than 2 websites that have the same APR result as each other .