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excel interest payable

Posted on 2014-10-03
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Last Modified: 2015-08-25
I need a excel formula that calculates interest payable based on the following values. So if I put in an amount the start data 1/5/2004  and the end date 1/8/2008 it would give me the amount of interest owed

Year     Daily Rate
2004      0.000055
2005      0.000082
2006      0.000137
2007      0.000164
2008      0.000137
2009      0.000082
2010      0.000055
2011      0.000027
2012      0.000027
2013      0.000027
2014      0.000027
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Question by:faquue
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7 Comments
 
LVL 80

Accepted Solution

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David Johnson, CD, MVP earned 200 total points
ID: 40360330
you would need a starting value and for each DAY add the interest, then add the interest to the starting value and compute for the next day
you would need a starting date and an ending date. it is not as simple since the principal increases every time the interest is calculated.
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Assisted Solution

by:ProfessorJimJam
ProfessorJimJam earned 300 total points
ID: 40360449
please find attached  two ways calculating it.
C--Users-Jamil-Desktop-Book1.xlsx
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Expert Comment

by:ProfessorJimJam
ID: 40360634
see the attached example as well.
C--Users-Jamil-Downloads-Calculate-Inter
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LVL 80

Assisted Solution

by:David Johnson, CD, MVP
David Johnson, CD, MVP earned 200 total points
ID: 40360682
@ProfessorJimJam  what is the file extension ?? .xls xlsm?
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LVL 26

Assisted Solution

by:ProfessorJimJam
ProfessorJimJam earned 300 total points
ID: 40360690
it is xlsx   without macro.
C--Users-Jamil-Downloads-Calculate-Inter
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LVL 26

Assisted Solution

by:ProfessorJimJam
ProfessorJimJam earned 300 total points
ID: 40367859
Thanks Netminder.

i have shortened the file name and hereby re-uploaded
CalculateInter.xlsx
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