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Calculate monthly interest with changing rates and repayments

  1. #1
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    08-08-2011
    Location
    Delhi, India
    MS-Off Ver
    Excel 2003
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    2

    Question 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. #2
    Registered User
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    08-08-2011
    Location
    Delhi, India
    MS-Off Ver
    Excel 2003
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    2

    Re: Calculate monthly interest with changing rates and repayments

    Anyone?

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