Calculate total Interest paid

[Ricky62]

Hi Guys
My 1st post ever so please allow for any protocol errors.

I use Excel 2010 but any solution must cater for Excel 2003

Here's simple extract from spreadsheet - person owes £79.72 & is charged interest at 2.843% periodically on each statement. The extract shows how I currently calculate total interest to be paid on ONE account before debt is cleared. Payment number balance Interest rate interest charged set payment rate revised balance 1 £79.72 2.843% £2.27 £11.84 £70.15 2 £70.15 2.843% £1.99 £11.84 £60.30 3 £60.30 2.843% £1.71 £11.84 £50.18 4 £50.18 2.843% £1.43 £11.84 £39.76 5 £39.76 2.843% £1.13 £11.84 £29.05 6 £29.05 2.843% £0.83 £11.84 £18.04 7 £18.04 2.843% £0.51 £11.84 £6.71 8 £6.71 2.843% £0.19 £6.90 Total Interest paid £10.06 <colgroup><col><col><col><col><col><col></colgroup><tbody> </tbody>
So total paid is £79.72 plus total interest payable of £10.06 - ie 1 payment @ £11.84, 6 @ £11.84, plus final 1 @ £6.90 I now need to do the calc for dozens of accounts every day; is there a formula to calc total interest to be paid Thanks in advance

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[xchaser]

here's one to try

https://www.box.com/s/33521ed1d02f0c108258