Hi All,
I'm new to this Forum and would really appreciate your help!
I need to calculate total interest payable over a period of time (assume not compounding), the problem is that different interest rates apply at various points during this period.
Please see attached example, assume that $10m is borrowed for 97 days between the 23rd February 2016 and the 30th May 2016. During this period three different interest rates apply.
To calculate the total interest paid over this period I have to identify the applicable interest rates, work out the number of days for each interest rate and calculate each interest component as shown in the attached example. This is very time consuming and prone to error.
I was thinking perhaps a macro could speed up the process, unfortunately I don't know how to write macros so was hoping someone might be able to write a code I could use in Excel 2010!
Or if you have any other ideas about how to speed up this process that would be much appreciated!
Thanks,
Faina
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