Hello, I am building a spreadsheet for tracking my travel expenses and disbursements and need a formula in a cell for calculating interest. I can charge 8%/annum on disbursements. So if I paid $382.50 (E16) for a medical report on Nov 08, 2016 (G3) and the date of my disbursement invoice is today, February 10, 2019 (A16) then, in words, I would need to multiply E16 by the product of the number of days the expense has been outstanding (=G3-A16) and the daily rate of interest 8%/365 or 0.0219. What I have then is =(G3-A16)*0.0219*E16 but I get 7639.60, a number that is wrong. I am not sure if this is relevant but the result I get is not justified to the right like the other numbers in the same column. Can someone guide me?
I am obviously a beginner Excel user but am trying to improve. It took me quite a while just to understand and format dates into numbers, but at least I understand that now.
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