How Do You Calculate On-Going Daily/Monthly Interest?

Hi-

Does anyone know how to calculate a "draw down loan?" That is, I have a line of credit with a lender for a real estate construction. Every week or so various checks in various amounts are written to pay contractors/workers, etc. The interest starts to accrue the day the check is made and is based on a 6% annual rate. None of the money will be paid back until the project is completed--there are no payments made until the end.

I need to know how to calculate the accruing daily interest for each check written. So essentially, when I open Excel, each day the interest will change/increase. So If I draw money today for $100. The interest will change and increase each day/date (non-compounding) for that $100.

My columns are:

Purpose/Use, Payee, Date, Check Amount, Interest Accrued To Date, Total Amount (Princple+interest).

How do you do this formula?

Thanks in advance for your help!!!

Steven
LA, Ca

If the date is in C1, the amount in D1, then:

E1: =(INT(NOW())-C1)*6%/365*D1
F1: =D1+F1 (ie principal and Interest combined)

This calculates the interest on a daily basis from the date of the loan to the current date, given by now().

Regards
Mike