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.