Interest calculation...
Sheet 1 of the attached Excel file has 6 columns.
- The formula used for column E ("Interest todate") is: =(owed amount*interest rate)*(number of months)/12
Q1: How can I change it to calculate in daily basis?
- Item 3 ($500) paid on 10/1/2016 produces balance of $1,910.83
Q2: How to prepare this sheet upon future payments (say $600 on 11/1/2016, the balance amount to show up automatically.
Basically, columns E and F need to be automatically updated when a new entry in Columns C or D is made. These columns will not be updated for the same date.
Thank you
Payment_a.xlsx
- The formula used for column E ("Interest todate") is: =(owed amount*interest rate)*(number of months)/12
Q1: How can I change it to calculate in daily basis?
- Item 3 ($500) paid on 10/1/2016 produces balance of $1,910.83
Q2: How to prepare this sheet upon future payments (say $600 on 11/1/2016, the balance amount to show up automatically.
Basically, columns E and F need to be automatically updated when a new entry in Columns C or D is made. These columns will not be updated for the same date.
Thank you
Payment_a.xlsx
SOLUTION
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ASKER CERTIFIED SOLUTION
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ASKER
Thank you.
ASKER
Thank you for the reply. To answer your question, it is new amount.
I am downloading your file now to check it out.
Mike