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What function to calculate interest on savings
Hi,
I have been tasked with devising a spreadsheet that will show the value of a sum of money depending on the interest rate applied. The only functions I can find that will work this out concentrate on interest payable, as in mortgages or loans, and not interest receivable. Is there a function that will show how much interest will be earned over a given period or is it simply a case of deviding the capital sum with the interest rate (whilst being broken down monthly) ie (value / interest rate)/12 months ? Thanks in advance -- Snoozi Suzi |
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