Hire purchase interest
 

I am using SYD to calculate hire purchase interest using "Sum of Digit"
method. That function have no problem in calculating monthly interest, the
problem I am facing is the principal amount owing within 12 months (calculate
in one cell).
Please advise!!

With cost in A1, salvage in A2, number of periods in A3, the following array
formula worked for me to calculate the sum of periods 1-5. You must enter this
formula with CTRL+SHIFT+ENTER.

=SUM(SYD(A1,A2,A3,{1,2,3,4,5}))


On Fri, 29 Oct 2004 00:48:03 -0700, "Guey Lan" <Guey
wrote:

I am using SYD to calculate hire purchase interest using "Sum of Digit"
method. That function have no problem in calculating monthly interest, the
problem I am facing is the principal amount owing within 12 months (calculate
in one cell).
Please advise!!