Thank you - that is exactly what i needed
Non Leap Year - 2013</SPAN> | |||||
Principal Amt Due:</SPAN> | $700,000</SPAN> | ||||
Annual Interest rate:</SPAN> | 0.069959</SPAN> | 6.9959</SPAN> | |||
Number of days in a Year:</SPAN> | 365</SPAN> | ||||
Interest Calculation period:</SPAN> | Jan-2013</SPAN> | ||||
Daily Compound formula:</SPAN> | Amount*(((1+(Interest rate/number of days in a year))^number of days in a month)-1)</SPAN> | ||||
$700,000*(((1+(0.069959/365))^31)-1)</SPAN> | |||||
Date</SPAN> | Principal Amt</SPAN> | Intrerest rate</SPAN> | Daily Interest</SPAN> | Occumulated Interest</SPAN> | |
2013-01-31</SPAN> | $700,000.00</SPAN> | 0.069959</SPAN> | $4,171.19</SPAN> | $4,171.19</SPAN> | |
2013-02-28</SPAN> | $704,171.19</SPAN> | 0.069959</SPAN> | $3,788.88</SPAN> | $7,960.07</SPAN> | |
2013-03-31</SPAN> | $707,960.07</SPAN> | 0.069959</SPAN> | $4,218.62</SPAN> | $12,178.69</SPAN> | |
$12,178.69</SPAN> |
Leap Year - 2012</SPAN> | |||||
Principal Amt Due:</SPAN> | $700,000</SPAN> | ||||
Annual Interest rate:</SPAN> | 0.068896</SPAN> | 6.8896</SPAN> | |||
Number of days in a Year:</SPAN> | 366</SPAN> | ||||
Interest Calculation period:</SPAN> | Oct-2012</SPAN> | ||||
Daily Compound formula:</SPAN> | Amount*(((1+(Interest rate/number of days in a year))^number of days in a month)-1)</SPAN> | ||||
$700,000*(((1+(0.068896/366))^31)-1)</SPAN> | |||||
Date</SPAN> | Principal Amt</SPAN> | Intrerest rate</SPAN> | Daily Interest</SPAN> | Occumulated Interest</SPAN> | |
2012-10-31</SPAN> | $700,000.00</SPAN> | 0.068896</SPAN> | $4,096.37</SPAN> | $4,096.37</SPAN> | |
2012-11-30</SPAN> | $704,096.37</SPAN> | 0.068896</SPAN> | $3,987.05</SPAN> | $8,083.43</SPAN> | |
2012-12-31</SPAN> | $708,083.43</SPAN> | 0.068896</SPAN> | $4,143.68</SPAN> | $12,227.10</SPAN> | |
$12,227.10</SPAN> |
Is there a way to be able to change the daily interest rate for each day if the daily rate of interest was different for the principal amount for each day individually?
=FV(Int. Rate, Nper, 0, -P). In your case, 0.75% means 075%/365 days, Nper means 0.5 Years, i.e. 6 months, and P is 10000. Final sum is nearly 10000.10 because interest earn per day is approx. Rs. 0.00056296. Interest for 180 days is so Rs.0.10.I am trying to set up my excel to calculate daily compound interest.
The amount is 10,000 at 0.75% per day for 6 months.
I have tried several different things with no success - help please