# Calculate monthly interest with changing rates and repayments

1. ## Calculate monthly interest with changing rates and repayments

Hi everyone!

I am calculating simple interest payments for a particular month. I have the outstanding principal and the rates can change within a month. So far, I have used the formula below:

=IF(E8="-",I8*(M8-1)/365*P8%,I8*(DAY(E8)-1)/365*D8%+I8*(M8-DAY(E8)+1)/365*P8%)

E column stores the date on which the rate changed and also thus denotes whether it has changed or not.
I=Outstanding Principal
D column store the old rate
P column stores the new rate
M stores the number of days in that month

Now, I also want to incorporate repayments in the calculation. But, I cant quite figure out how to do it because a repayment can happen before or after a rate change!

Any help would be appreciated.

2. ## Re: Calculate monthly interest with changing rates and repayments

Anyone?

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