I have a number of different amounts that I want to calculate interest for. I need a formula to take an amount, an annual interest rate, and a specific number of days (will probable exceed one or more years) and find the total interest on the principal when it is compounded daily. I want to have each item appear in various cells along a row for each amount in question. Any help would be appreciated. Thanks.
Hi -
This is a fairly simple, compound interest formula assuming this is like an investment where there are no intermediate increases to the principal (other than the interest) and there are no withdrawals. The formula is Future Value (F) = (1+i)^n x P Where i is interest, n is the term (days) and P is the starting principal.
Attached is a spreadsheet that calculates this. I also added a table to show the accumulated and daily interest for each day of the example investment ($10,000 at 7% annually for 400 days). You can see the accumulated interest matches the formula.
Hope this helps.
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Perfect. Thanks much.
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