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. |
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