Interest Calculation Help

**MustangSailor** · 06-22-2011, 01:05 PM

Hi, new to this forum and in need of some help. I am looking for a formula that will calculate variable interest based on an amount. It is a savings calculator. Here are the parameters:

Interest is calculated daily but added once a month (simple interest)
Interest rates are APY :
Balances of
0 - 999 = .2%
1000 - 4999 = .25%
5000 - 9999 = .3%
10,000 - 24,999 = .35
25,000 + = .4%

I plan on adding a deposit 2x a month (1st and 15th) in the amount of $300.

Please help me with a formula that will calculate the end of month balance for each month.

Thanks for any help you experts can provide.

**shg** · 06-22-2011, 02:04 PM

I think this is correct. To agree with your bank to the penny, you'd need to know EXACTLY how they compound.

**MustangSailor** · 06-22-2011, 02:35 PM

Thanks for the help. It looks awesome. One question though. I would like to incorporate this into my workbook, but I am using Excel 2003. IT will not copy over...or at least I cannot figure out why. It will only copy the first 4 rows of data and then fills in row 5 with #NAME?. When I look at the formulas, they are exact in both spread sheets and that is why I am totally confused.

Any ideas?