Remember Me?

#1
September 19th 05, 03:09 PM
 MrTaxGuy Posts: n/a
How do I calc interest when using multiple dates within a given ye

I am trying to calculate interest using 2 interest rates in 1 calendar year.
Example:
Lets say that from January 1, 2005 through June 30, 2005 the interest rate
is 5 percent and the interest rate from July 1, 2005 through December 31,
2005 is 2 percent. How much interest is due on \$1000.00 if the accrual date
starts on 03/01/2005 and is paid on 09/09/2005?
Currently, I have a formula that will calculate interest for a given year as
long as the interest rate does not change mid-year.

#2
September 19th 05, 03:25 PM
 Bob Phillips Posts: n/a

response in .programming

--
HTH

Bob Phillips

"MrTaxGuy" wrote in message
...
I am trying to calculate interest using 2 interest rates in 1 calendar

year.
Example:
Lets say that from January 1, 2005 through June 30, 2005 the interest rate
is 5 percent and the interest rate from July 1, 2005 through December 31,
2005 is 2 percent. How much interest is due on \$1000.00 if the accrual

date
starts on 03/01/2005 and is paid on 09/09/2005?
Currently, I have a formula that will calculate interest for a given year

as
long as the interest rate does not change mid-year.

#3
September 19th 05, 06:20 PM
 GeorgeF Posts: n/a

Mr TaxGuy
You have presented a reduced question from a more general topic.
However, if this is your question and is based on SIMPLE Interest (no
compounding), then the interest charge is:
1000*(.05+.02)/2 or \$35
I hope this is what you were asking. GeorgeF

--
GeorgeF
------------------------------------------------------------------------
GeorgeF's Profile: http://www.excelforum.com/member.php...o&userid=24124

 Posting Rules Smilies are On [IMG] code is On HTML code is OffTrackbacks are On Pingbacks are On Refbacks are On

 Similar Threads Thread Thread Starter Forum Replies Last Post bkrizman Excel Discussion (Misc queries) 0 June 1st 05 11:16 PM Arvind Khanna via OfficeKB.com Excel Worksheet Functions 1 June 1st 05 01:18 PM Arvind Khanna via OfficeKB.com Excel Worksheet Functions 2 May 26th 05 10:19 AM Shannon Excel Worksheet Functions 4 November 27th 04 12:12 AM Mcasteel Excel Worksheet Functions 0 November 10th 04 08:41 PM

All times are GMT +1. The time now is 10:56 PM.