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Formula to calculate interest only on a short term loan?



 
 
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  #1  
Old December 1st 09, 07:20 PM posted to microsoft.public.excel.worksheet.functions
Excel2007Help
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Default Formula to calculate interest only on a short term loan?

I am not familiar with Excel 2007 and need to calculate a bridge loan MONTHLY
INTEREST ONLY scenario, with a fixed %rate, for a range of 1 -6 months. Not
sure if if interest accrues daily or monthly.
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  #2  
Old December 1st 09, 07:43 PM posted to microsoft.public.excel.worksheet.functions
Fred Smith[_4_]
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Posts: 2,389
Default Formula to calculate interest only on a short term loan?

Assuming you have an annual interest rate, a month's interest is:
=Principal*IntRate/12

This may be good enough for your purposes. Most financial institutions would
calculate the interest based on the number of days in the month, so
something like:
=Principal*IntRate/365*day(eomonth(a1,0))

Regards,
Fred.

"Excel2007Help" > wrote in message
...
>I am not familiar with Excel 2007 and need to calculate a bridge loan
>MONTHLY
> INTEREST ONLY scenario, with a fixed %rate, for a range of 1 -6 months.
> Not
> sure if if interest accrues daily or monthly.


  #3  
Old December 1st 09, 07:48 PM posted to microsoft.public.excel.worksheet.functions
Luke M
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Posts: 2,722
Default Formula to calculate interest only on a short term loan?

Did you look at the answers on your previous thread?

http://www.microsoft.com/office/comm...b-c0577e005416
--
Best Regards,

Luke M
*Remember to click "yes" if this post helped you!*


"Excel2007Help" wrote:

> I am not familiar with Excel 2007 and need to calculate a bridge loan MONTHLY
> INTEREST ONLY scenario, with a fixed %rate, for a range of 1 -6 months. Not
> sure if if interest accrues daily or monthly.

 




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