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Using Goal Seek

Using Goal Seek - Microsoft Excel Tutorial

From the course: Excel 2013 Essential Training

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Using Goal Seek

Excel has a number of analytical tools and they fall under the heading What-If Analysis. You'll see these on the Data tab in the ribbon. One of them is GoalSeek. And the description we see on the screen doesn't really do it justice. Find the right input for the value you want. In this worksheet called GoalSeek, there's a function in cell M5. You may have seen it; it's called PMT. What we're trying to do in this particular cell is calculate the monthly payment for a loan of $24,000 based on a 60 month term. Interest rate is 3.5%. The answer that we get here is 437. So, if you borrow $24,000, pay it off over five years at 3.5% interest then, monthly payment is $437. Imagine a situation where you want a different answer. Maybe it's based on a real life wish that you want this to be lower or maybe you're saying, I know I was planning all along on spending 500 month, let's just make this answer to be 500 or 400 as the case may be. GoalSeek feature in a certain sense let's us work…

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