The problem with this formula is it compounds the interest daily. The OP wants
interest compounded monthly.

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Regards,
Fred


"Don Guillett" wrote in message
...
try this to determine daily interest for and interest rate in cell j1
=(1+J1)^(1/366)-1


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Don Guillett
SalesAid Software

"Tywardreath" wrote in message
...
I am trying to create an amortization schedule that includes the following
principles:

* interest calculated daily
* interest "charged" on the first working day of the following month
* payments made bi-weekly
* option for additional payments; both lump sum, and regular small amounts

Is someone able to offer me some assistance?

Many thanks, Ty