If you truly have simple interest, you would set up a spreadsheet with four
columns: date, payment, interest, balance.

You calculate the interest amount for each payment as:
PreviousBalance*(PaymentDate-PreviousPaymentDate)/365*InterestRate.

Also, don't bother comparing this to a compound interest mortgage, because
you'll find that agreeing to only simple interest was very costly.

--
Regards,
Fred


"Thumper" wrote in message
...
I have Microsoft Excel 2003. We are collecting mortage payments on a sale of
property. I need to know how to set up formulas for the spreadsheet to
reflect simple interest and irregular payments. I found the answers
separately but don't know how to do both in the same spreadsheet. Thank you
--
Grey Squirrel