interest calculations
All interest/payment calculations are customizable as to the period. For example, this will give
the monthly payment for a 30 year mortgage (per 1000 borrowed) charging 6%
=PMT(6%/12, 30*12,-1000)
for an answer of $6.00
And this will give the monthly payment for that same loan where the interest is charged daily
=PMT(6%/365, 30*365,-1000)*365/12
for an answer of $5.99
HTH,
Bernie
MS Excel MVP
"Tess" wrote in message
...
I have looked at several loan amortization templates but they do not
calculate interest on an actual/365 basis, which is what my bank does. Does
anyone know of a formula or template that allows you to edit the basis for
interest?
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