Formula to calculate interest only on a short term loan?
 

I am not familiar with Excel 2007 and need to calculate a bridge loan MONTHLY
INTEREST ONLY scenario, with a fixed %rate, for a range of 1 -6 months. Not
sure if if interest accrues daily or monthly.

Formula to calculate interest only on a short term loan?
 

Assuming you have an annual interest rate, a month's interest is:
=Principal*IntRate/12

This may be good enough for your purposes. Most financial institutions would
calculate the interest based on the number of days in the month, so
something like:
=Principal*IntRate/365*day(eomonth(a1,0))

Regards,
Fred.

"Excel2007Help" wrote in message
...
I am not familiar with Excel 2007 and need to calculate a bridge loan
MONTHLY
INTEREST ONLY scenario, with a fixed %rate, for a range of 1 -6 months.
Not
sure if if interest accrues daily or monthly.

Formula to calculate interest only on a short term loan?
 

Did you look at the answers on your previous thread?

http://www.microsoft.com/office/comm...b-c0577e005416
--
Best Regards,

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


"Excel2007Help" wrote:

I am not familiar with Excel 2007 and need to calculate a bridge loan MONTHLY
INTEREST ONLY scenario, with a fixed %rate, for a range of 1 -6 months. Not
sure if if interest accrues daily or monthly.