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Loan Compound Interest Function
I'm trying to create a function to allow me to calculate total interest paid
on a loan. * The interest is calculated daily (using "annual rate/365" to calculate daily rate) * Accrued interest is applied to the loan monthly on the last day of the calender month. * Payments will be regular, either fortnightly or monthly. This will be a generic function, but needs to be accurate as it may be potentially used for large amounts / long periods. I can't work out how to do this without filling a sheet with daily calculations. |
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