I can't find the answer to this relatively simple question so perhaps someone can direct me. I need to calculated the interest on past due invoices on a daily basis.
I can't find the answer to this relatively simple question so perhaps someone can direct me. I need to calculated the interest on past due invoices on a daily basis.
I am able to calculate the days past due using the DAYS360 function so I have that part. I tried the FV (future value) function but it just doesn't look right so I don't think I'm using it correctly. We charge 1.5% per month interest. Can someone direct me to an existing post that answers my question? Thanks.
There are several ways to do this so it really depends on how you would like to do this.
In some cases companies use a 360 day year and some use 365.
Principal x interest rate = $ interest for that period of time
IE $1000 x .1 or 10% = $100 if this is for a month then to calculate the daily interest if a 365 day year
$100 x 12 / 365 = $3.287 a day
or
.10 x 12 / 365 = Daily interest rate .003287
Now if desired result your looking for is how to use excel formulas or Analysis ToolPack to calculate this then check out this URL which has more URLs listed as well. http://www.mrexcel.com/forum/excel-q...-interest.html
Thank those who have helped you by clicking the Star * below their name and please mark your post [SOLVED] if it has been answered satisfactorily.
Dear sir, I have Rs, 5000/= in column D5, from this amount I daily pay Rs.100/= to any one its column E5, On column F5 I want to see my pending amount but with auto deduction formula.
Can anybody help me in this connection pl.
Dear sir, I have Rs, 5000/= in column D5, from this amount I daily pay Rs.100/= to any one its column E5, On column F5 I want to see my pending amount but with auto deduction formula.
Can anybody help me in this connection pl.
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