Thank you for replying.
In answer to your rebuke, I am new to this site and could not find a way of
posting a new discussion, so I tagged it onto an old one, as I did have
another separate query relating to quartiles.
This should be the correct formula for calculating mortgage interest, but
slight refinement may be needed. You are right - it does not compare exactly
with my mortgage statement. The trouble is that I do not know what further
information I could supply beyond the fact that interest is calculated daily
and added monthly, so perhaps the calculation needs to be adjusted so that it
uses a daily interest rate and n would =365?
This must be a universal problem that many people have encountered before
and there should be some standard formulae somewhere, shouldn't there?
I cannot find it in Microsoft's own Excel book, though, or in any Help menu.

Thanks, in anticipation.

"joeu2004" wrote:

On Jun 25, 2:41 pm, Formula Fred
wrote:
Sorry - did not finish this query off - Using the formula below I have been
able to get close to an accurate figure for calculating interest on my
mortgage, but it is not quite right for a case where interest is calculated
daily and added monthly. Do you have a better suggestion, please?

"Formula Fred" wrote:
I am trying to find a formula that will give me really accurate compound
interest calculations, where interest is calculated daily and added monthly.
I have used A=P(1+r) to power n, where A=accumulated sum, P is principal
and r=interest rate expressed as a proportion and n is the term.
Can you help, please?

It would behoove you to post this inquiry in a new thread with an
appropriate subject. This inquiry has nothing to do with percentile
and quartile formulas.

And if/when you repost appropriately, I suggest that you include
details that explain why you think your computation is "not quite
right" -- that is, specific numbers from statements from your mortgage
company or textbook.

Of course, your formula is more than a little "not quite right" for a
mortgage problem, having little to do with whether interest is
"calculated daily and added monthly". But just how simple or complex
a formula you need depends on your refining your question. The more
specifics that you can provide, the better we can answer your question

I defer the details to the new thread that I hope you will start.