You might want to check out the IPMT function. From the XL help file:

IPMT(rate,per,nper,pv,fv,type)

Rate is the interest rate per period.

Per is the period for which you want to find the interest and must be in
the range 1 to nper.

Nper is the total number of payment periods in an annuity.

Pv is the present value, or the lump-sum amount that a series of future
payments is worth right now.

Fv is the future value, or a cash balance you want to attain after the
last payment is made. If fv is omitted, it is assumed to be 0 (the future
value of a loan, for example, is 0).

Type is the number 0 or 1 and indicates when payments are due. If type is
omitted, it is assumed to be 0.

Set type equal to If payments are due
0 At the end of the period
1 At the beginning of the period

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Best Regards,

Luke M
*Remember to click "yes" if this post helped you!*


"Excel 2007 dummy" wrote:

I am trying to calculate monthly INTEREST ONLY payment on a short term
bridge/swing loan. Assuming an interest rate of 2.75%, paid monthly, Also
assuming it will be required for a 3-6 month period, amount approx $500,000.
Just switched to Excel 2007 but don't seem to be able to calculate using the
formula builder. Not sure if it is compounded daily or monthly.