Yes, you have got more work to do, because you did your calculation using
the principal and the annual interest rate, but you forgot to include the
number of days. Won't you pay an amount of interest which is proportional
to the period of the loan? You need to multiply your existing answer by 182
and divide by the number of days which your lender is assuming in a year
(which in your case seems to be 360 to give that answer).

And another thing (which doesn't affect the result but affects the
readability of the formula) is for you to think about why you (and Joel)
have used SUM(). What numbers are you *ADDING*? Why did you say
=SUM(A2*F2) and not just =A2*F2 (or now =A2*F2*182/360)?
If you've got a function that you don't understand, such as SUM(), then
please look it up in Excel's help.
--
David

"bronxbabe" wrote in message
...
well, i guess i have more work to do on this because this formula gives me
$5,153,437.50 and the result should be $2,605,348.96. maybe there's
something to do with the "L+1.5%".

Thanks again,

"Joel" wrote:

If F2 is the interest rate then the formula should be
=SUM(A2*(F2/100)).


"bronxbabe" wrote:

But, i'm still receiving the same result (515,343,750.00). My formula
is
=SUM(A2*F2). should i not be using the sum syntax?

Thanks again,

"Joel" wrote:

7.46875% = .0746875
to convert from percentage to decimal you have to divide by 100

"bronxbabe" wrote:

I'm trying to insert the formula for the correct results below.
Here's what
I have:

Int Rate
Int. Amt
Total Principal No of days (L+1.5%)
69,000,000.00 182 7.46875
2,605,348.96

I would like to achieve this Int. Amt result by using a formula. I
was told
that I could just multiply the Total Principal * Int Rate, but when
I insert
that formula, my results are $515,343,750.00.

Any suggestions?

Thanks in advance,