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
Bookmarks