Stclements1
Board Regular
 Joined
 Sep 15, 2018
 Messages
 120
 Office Version

 365
 Platform

 Windows
I am trying to create an interest return calculator.
In Cell B1 the value of the loan is entered
In Cell B2 the term of the loan is selected from a dropdown list numbered 13
The problem I am having is that there are multiple variables on the interest return dependent on the size of the loan and the term of the loan.
What I am trying to return In Cell B6 is the loan rate based on the loan amount and the term
All the loan rates below are based on a oneyear loan, but should the loan be for two or three years then it would attract additional interest as per the term rates
Example 1
Loan 50000 = .00825%
Term 2 Years = .00025%
Total Interest rate = 0085%
Example 2
Loan 100000 = .0095%
Term 3 Years = .005%
Total Interest rate = .01%
Loan rate
030000 =.007%
>30000 75000=.00825%
>75000 =.0095%
Term
1 Year = 0%
2 Years = .00025%
3 Years = .0005%
If statements would be rather a large formula so I wondered whether an index match or Choose formula would make more sense, unless there is a simpler formula.
In Cell B1 the value of the loan is entered
In Cell B2 the term of the loan is selected from a dropdown list numbered 13
The problem I am having is that there are multiple variables on the interest return dependent on the size of the loan and the term of the loan.
What I am trying to return In Cell B6 is the loan rate based on the loan amount and the term
All the loan rates below are based on a oneyear loan, but should the loan be for two or three years then it would attract additional interest as per the term rates
Example 1
Loan 50000 = .00825%
Term 2 Years = .00025%
Total Interest rate = 0085%
Example 2
Loan 100000 = .0095%
Term 3 Years = .005%
Total Interest rate = .01%
Loan rate
030000 =.007%
>30000 75000=.00825%
>75000 =.0095%
Term
1 Year = 0%
2 Years = .00025%
3 Years = .0005%
If statements would be rather a large formula so I wondered whether an index match or Choose formula would make more sense, unless there is a simpler formula.