Nominal Rate of Interest (NOMINAL)
Syntax: NOMINAL(Effective; Periods)
The NOMINAL function returns the nominal rate of interest for a given effective rate of interest and the number of payments. So, if you want to check the nominal rate of interest for an effective rate of 10.47% assuming 12 payment per year, use =NOMINAL(10.47%; 12), which returns 10%.
Figure 8-8. Sample result of the NOMINAL function
The opposite of this function is EFFECTIVE.
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