I am hoping someone can help. I have spent all afternoon trying to figure this one out, to no avail.
Basically, I have a principal amount which stays the same and recurrs daily, say £10 (see table below).
I want to add interest on that at 8% simple annual interest from the date it is incurred to a specified end date.
I then want to do the same for the next £10 that are incurred on the next day.
The end date is always the same. So each day a principal amount is incurred, but it has one day less interest on it that the amount the day before.
I would like a formula which will work it all out in one or two (or three) steps. The data I have covers many years and I have baout 3,000 sets to work out. So I can't be doing it all individually as below.
Can anyone help?
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Basically, I have a principal amount which stays the same and recurrs daily, say £10 (see table below).
I want to add interest on that at 8% simple annual interest from the date it is incurred to a specified end date.
I then want to do the same for the next £10 that are incurred on the next day.
The end date is always the same. So each day a principal amount is incurred, but it has one day less interest on it that the amount the day before.
I would like a formula which will work it all out in one or two (or three) steps. The data I have covers many years and I have baout 3,000 sets to work out. So I can't be doing it all individually as below.
Can anyone help?
Principal | Start Date | End Date | Annual Simple interest rate | Daily interest | No of days | Interest total | ||
£10 | 1 Jan 2015 | 31 Dec 2015 | 8% | 0.002191781 | 364 |
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£10 | 2 Jan 2015 | 31 Dec 2015 | 8% | 0.002191781 | 363 |
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£10 | 3Jan 2015 | 31 Dec 2015 | 8% | 0.002191781 | 362 |
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£10 | 4 Jan 2015 | 31 Dec 2015 | 8% | 0.002191781 | 361 |
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£10 | 5 Jan 2015 | 31 Dec 2015 | 8% | 0.002191781 | 360 |
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