I need an Excel formula that calculates interest on several different loan amounts on a daily basis ongoing. For example, one loan is in the amount of $12,400 and occurred 4/30/03. It is to be paid back at 35% interest rate. Another loan is for $100,000 occurring on 9/1/0/03 to be paid back at an interest rate of 12%. I need to know on any given day based on when the loan originated (date is a factor) how much is due. There are about 12 different loan amounts. I also have to show the balance when a protion of each loan is paid back. I hope I've explained this correctly.
Thank you,
Lynn
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