It has not been possible to transform resistivity models in terms of magnetic field in order to account for variation of giant magnetoresistance (GMR) with external magnetic field, which would have led to determination of material properties. This problem is approached mathematically via variation calculus to arrive at an exponential function that fits observed GMR values. Using this model in free electron approximation, the mean Fermi vector, susceptibility and total density of states of a number of metallic multilayers are determined from their reported GMR values. Susceptibility is found to depend on interface roughness and antiferromagnetic (AF) coupling; thus, it gives qualitative measure of interface quality and AF coupling. Comparison of susceptibilities and GMRs of electrodeposited and ion beam sputtered Co/Cu structures shows that a rough interface suppresses GMR in the former but enhances it in the latter.