# Compound interest formulas

#### obiwanvaldez

##### New Member
I could not find an answer exactly on what I need so hopefully this makes sense and someone can decipher it. I am wanting to make a spreadsheet for inputting credit card balances and interest rates and then figuring the compounded daily interest. I have the sheet formatted to how I want it to look but cant seem to make a formula do what I need it to. I wish I knew exactly how to post what it looks like in here. But I will post the basics.

Day Int. Rate Comp. Daily % Balance Payment
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2
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Under day, I will have what day in the billing cycle it is. The interest rate should stay the same. From there I would like to have the compounded daily interest rate for each day under that column. The balance column will have the accruing balance based on the compound daily interest and any payments made. Payments obviously go under the payment column. So, basically what I need is a formula to keep a running total for me under the balance column based on the compound daily interest and any payments made during the given cycle. I hope that makes sense. Thank you for all your help on this! I really appreciate it!

### Excel Facts

How to calculate loan payments in Excel?
Use the PMT function: =PMT(5%/12,60,-25000) is for a \$25,000 loan, 5% annual interest, 60 month loan.

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