Excel Idiot needing help with interest formula

[Wondermommy218]

I appreciate any help in advanced. I have promised my boss a Excel Spreadsheet calculating accrued interest to date on judgments we were awarded by first thing in the morning. Now at 3:00am I am ready to give up!

Here are the columns for my spreadsheet related to my question for with an example entry:

Columns Entry
Judgment Date: 11-03-2008
Judgment Amount: $1331.81
Interest to Date: = ?

The interest rate is 10% per annum. I would like the spreadsheet to show the interest presently owed when the spreadsheet is opened. Is this possible?

 

[harshab6]

hi,
kindly try with this.not sure about it
=SUM(TODAY()-judgement date)/365*1331.81*10%

regards
harsha

 

[Richard Schollar]

Hi

It does depend on whether the interest is calculated on a simple basis or compound (I will presume compounded) but here's a formula you could use:

Excel Workbook
	A	B	C	D
1	Judegment Date	Judgement Amount	Interest Rate	Interest To Date
2	03 November 2008	$1,331.81	10%	$239.79
Sheet4

Excel 2010

Cell Formulas
Range	Formula
D2	=B2*(1+C2)^((TODAY()-A2)/365)-B2

 

[Wondermommy218]

THANKS!

harshab6 - I couldn't get yours to work for me but thank you very much.

Richard Schollar - I did get your formula to work (thank you), however it is simple interest - sorry for leaving that out. Do you know how to change this to show simple interest?

 

[Wondermommy218]

Richard Schollar - I did get your formula to work (thank you), however it is simple interest - sorry for leaving that out. Do you know how to change this to show simple interest? <!-- / message -->

 

[Richard Schollar]

Yep - that's even easier:

Excel Workbook
	A	B	C	D	E
1	Judegment Date	Judgement Amount	Interest Rate	Interest To Date (Compound)	Interest To Date (Simple)
2	03 November 2008	$1,331.81	10%	$239.79	$231.33
Sheet4

Excel 2010

Cell Formulas
Range	Formula
D2	=B2*(1+C2)^((TODAY()-A2)/365)-B2
E2	=B2*C2*(TODAY()-A2)/365

 

[Wondermommy218]

AMAZING! Thank you soooo much! I may not get any sleep before work at this point, but I can stop sweating the morning meeting!!!