jamesblack90
New Member
- Joined
- Jun 9, 2015
- Messages
- 44
Hi guys,
Having the following issue where I want to be able to calculate the monthly/fortnightly/weekly repayments where interest is calculated daily but compounded monthly. I am using the following so far:
Where:
B21 = %pa
B19 = # years
The Monthly payment calculates perfectly, but the problem is if I change B23 to Weekly or Fortnightly, the repayments actually get higher, and I need interest to continue to compound monthly, but take into account the reduction of principal at weekly or fortnightly intervals... Any ideas?
Having the following issue where I want to be able to calculate the monthly/fortnightly/weekly repayments where interest is calculated daily but compounded monthly. I am using the following so far:
Code:
=ABS(PMT(B21/12,IF(B23="Weekly",B19*52,IF(B23="Fortnightly",B19*26,IF(B23="Monthly",B19*12,""))),B17,0))
B21 = %pa
B19 = # years
The Monthly payment calculates perfectly, but the problem is if I change B23 to Weekly or Fortnightly, the repayments actually get higher, and I need interest to continue to compound monthly, but take into account the reduction of principal at weekly or fortnightly intervals... Any ideas?