How to calculate loan instalment daily rest

[kudos]

Loan amount = $100,000
Annual interest = 6%
Tenure = 30yrs

Monthly rest instalment
=PMT(6%/12,30*12,100000)
=$599.55

What is the formula for Daily rest instalment
From financial calculator the answer is $600.48

Please help

[GeorgeF]

Using your technique, then

PMT(6%/365,30*365,100000) yields daily payments of $19.69
GeorgeF

[Fred Smith]

As I interpret it, you want to know the monthly payment if the interest is
compounded daily.

The difficulty is that to use any financial function, the periods for the
payment and interest rate must be the same. As your payments are monthly, you
need to convert your interest rate into a monthly equivalent.

For use in your formula, you need to convert the your nominal annual rate to an
effective monthly rate, then to a nominal monthly rate. The formula:

=PMT(NOMINAL(EFFECT(6%,365),12)/12,30*12,100000)

gives a result of $600.48.

--
Regards,
Fred


"kudos" <[email protected]> wrote in message
news:[email protected]...
>
> Loan amount = $100,000
> Annual interest = 6%
> Tenure = 30yrs
>
> Monthly rest instalment
> =PMT(6%/12,30*12,100000)
> =$599.55
>
> What is the formula for Daily rest instalment
> From financial calculator the answer is $600.48
>
> Please help
>
>
> --
> kudos
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[kudos]

I have been searching this in the net for weeks without success. Thanks again.