I am interested in knowing how to enter the variables in excels ipmt function for a 41 day period if given an annual rate.
Please see attached spreadsheet. There are some calculations for a 1 month time frame and i am interested in the 41 day period and calculating according to the ipmt function.
its more of a financial question than an Excel one.
this furmula is calculating the spitzer loan amortisation.
with this loan type, the interest is calculated for the whole period between payment to payment.
the interest is a division of the annual interest by he number of payments in the annum.
you can calculate the first 30 days, with the formula, and then divide the additional 11 days by 30, and multiply it by the periodical interest and the residual amount due.
usually, the spitzer is accounted as a 30/360 days a month in a year.
you have to check the regional conventions and the business terms.