Excel Formula
Please help! I have a principal amount of 73,400 and need to create a
formula to show 5% interest that compounds daily for 118 months. Any help that you can offer would be greatly appreciated. Thank you so much! -- Packer Fan |
Excel Formula
Couple of questions that you need to have an answer for:
is the 5% an annual rate or an effective rate. Do you assume 30 days in a months or a the actual number of days Two "correct" that give different results =FV(0.05/360,118*30,,-73400) - most not all use the above for the interest rate - you may have to switch the 360 with 365 and change the days calc 118*30 to what I have below... =FV(1.05^(1/365)-1,F4-E4,,-73400) where f4 has the ending date and e4 has beginning date -- Wag more, bark less "Packer Fan" wrote: Please help! I have a principal amount of 73,400 and need to create a formula to show 5% interest that compounds daily for 118 months. Any help that you can offer would be greatly appreciated. Thank you so much! -- Packer Fan |
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