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interest calculations
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? |
#2
Posted to microsoft.public.excel.worksheet.functions
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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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