Posted 4/2/2022 21:20 (#9593951) Subject: Interest in Excel
I built a simple Excel formula to calculate accruing interest on a loan. The interest rate changes every month. As of now, I go in and update the cell to add on the latest month and interest rate. I'm looking to make it less manually involved. Below is my formula. Does Excel provide anyway of handling variable interest?
Accruing interest = (number of days borrowed in January * (interest rate/365) * principal) + (number of days borrowed in February * (interest rate/365) * principal) + future month and interest rate + future month and interest rate, etc. etc.