I have no extensive knowledge of EXCEL so when I needed to create a tool I searched Google and collected information from several sources. I entered the formulas and it doesn't work. I went back and researched again, looking at several additional sources and came up with the same formulas that don't work. If somebody can tell me where I'm going wrong or that this is just not possible, either way, I'll be grateful.
COLUMN A COLUMN B (COLUMN B FORMULAS USED)
START DATE 11/03/2017
END DATE 12/31/2017
TOTAL DAYS 59 =SUM(B3-B2)+1
PRINCIPAL $620,000
ANNUAL RATE 10%
ANNUAL COMPOUNDING PERIODS 1
LENGTH OF TERM – YEARS 0.16166 =SUM(B4*0.00274)
NOTE TOTAL $629,626.84 =B5*(1+B6/B7)^(B7*B8)
INTEREST EARNED $9,626.84 =SUM(B9-B5)
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However: $620K, 10% = $62K. $62K / 365 = $169.86. $169.86*59 = $10,021.74
I have not had a reason to test the multiple compounding yet since I can't even figure out how to get a simple
problem accurate result.
THANKS!
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