Hi,

You will be lucky to find 5% these days. Regarding a variable interest
rate, generally that means that the interest rate is adjusted by the bank
based on something like the federal funds rate or some other benchmark. If
you have a variable based on amount in the bank then the formula is a whole
lot more complicated

=-FV(7%/12,60-MAX(IF(-FV(5%/12,ROW(A1:A60),200)<1000,ROW(A1:A60),0)),200,MAX(I F(-FV(5%/12,ROW(A1:A60),200)<1000,-FV(5%/12,ROW(A1:A60),200),0)))

This is an array formula and must be enter by pressing Shift+Ctrl+Enter.
I am assuming 5% annual rate up to $999.99 and 7% after that. With 200 per
month payments.

--
Thanks,
Shane Devenshire


"Brigiite" wrote:

Thank you....and I don't know what the bank pays (or if the bank will even be
around in a week..lol)...I was just throwing out numbers. I have a couple 5
year and 10 year goals I want accomplish that requires this function...I will
be using it alot.

What if the bank has a variable interest rate....like if you have 5000 in
your account you get one APR and when it goes over that amount the interest
rises also, etc?

"Mike H" wrote:

Hi,

Q1. Starting with $500 and paying $50 for 5 years

=FV(25%/12,60,-50,-500,1)

Q2. Payment to accrue $10000 over 5 years

=PMT(25%/12,60,0,-10000)

Just a small point, can I have the name of your bank that pays 25% please :)

Mike

"Brigiite" wrote:

I am trying to figure out a function that can be used to find the balance in
a savings account after a period of time. To make it a little more
complicated, I want to include a monthly deposit during that time. Is there
a function that can do this? I am trying to develop a savings plan that will
be for a specific purchase I want to make in 5 years and want to know how
much I need to put put in the account monthly.

For example.....
If I have an account with $500 and deposit $50 dollars every month for the
next 5 years and there is a 25% annual interest rate...how much will be in it
after 5 years?

Or opposite, although I know how to do what-if anaysis if that is what it
takes...
If I want to save 10,000 in 5 years, how much would I have to deposit
monthly.

These are not the specific numbers but this is what I want it to do for me
for several different saving's projects I want to do.

I tried a couple of the suggested functions, but they didn't come out right,
and I could find anything that included adding to the account throughout the
time period. Does anyone know how to do this? And I am a not clear on all
the financial terms they use in the help mode, so if you can explain it as
simply as possible I would really appreciate it. Thanks.