# Xcel newb needing help calculating simple interest on a judgment

#### mault

##### New Member
I have used court calculators in the past to calculate the amount of interest (simple) owed, to-date, on a judgment but have been tasked with something I am unaware how to solve. My best best was to figure out an Xcel formula in hopes of simplifying my life.

Judgment was awarded on December 22, 2018, the current amount owed as of today is \$32,920.49, with an annual interest rate of 4%. The daily interest on the judgment is \$3.61. What is tricky is that the debtor wants to make payments at the end of each month. Interest will continue to accrue until the judgment is paid.

My question: is there a formula that can deduct the payments (sometimes \$1,000, could be more) from the principal amount of the judgment, and have the daily interest applied to the calculation?

Cells: A1 Judgment Date; B1 Judgment Amount; C1 Annual Interest Rate; D1 Daily Interest Rate; E1 Payments Made; F1 Amount Due

Thank you for ANY advice on this matter!

#### kweaver

##### Well-known Member
Sorry to be dense, but from 11/21/2018 to yesterday, there are 221 days, times 3.61 = \$797.31.
If a payment of \$1000 was made on 6/30/2019, then 1000-797.31 is added to the original amount which would be 32920.49 + 202.69 = 33123.18 ?

What am I missing?

### Excel Facts

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Use =UPPER() for upper case, =LOWER() for lower case, and =PROPER() for proper case. PROPER won't capitalize second c in Mccartney

#### mault

##### New Member
Sorry to be dense, but from 11/21/2018 to yesterday, there are 221 days, times 3.61 = \$797.31.
If a payment of \$1000 was made on 6/30/2019, then 1000-797.31 is added to the original amount which would be 32920.49 + 202.69 = 33123.18 ?

What am I missing?

From my calculation, from yesterday to the judgment date (11/21/2018) there are 189 days in between those days (or 190 as of today). When payments start in June, the daily interest gets paid first, which as of today, on the \$32,920.49 judgment, is \$685.47. So if the initial payment is made at \$1,000, only \$314.53 gets applied to the judgment amount and the rest is applied to the daily interest. The formula has to account for that as well. Thank you.

#### kweaver

##### Well-known Member
OK. I think I get it. Phew! LOL.

So, row 1 has headers and initially it looks like this:

D2: =B2*C2/365
G2: =TODAY()-A2 using today; otherwise, it's =TODAY()-A2-1
H2: =G2*\$D\$2
I2: =B2+(E2-H2)

That means that

G3: =IF(ISBLANK(F3),"",F3-F2) which can then be filled down for other payments.

So, does this ending balance now look correct?

#### mault

##### New Member
OK. I think I get it. Phew! LOL.

So, row 1 has headers and initially it looks like this:

D2: =B2*C2/365
G2: =TODAY()-A2 using today; otherwise, it's =TODAY()-A2-1
H2: =G2*\$D\$2
I2: =B2+(E2-H2)

That means that

G3: =IF(ISBLANK(F3),"",F3-F2) which can then be filled down for other payments.

So, does this ending balance now look correct?

The ending balance is correct, but when I input data into the second row, my balance only reflects the payment. Maybe it is the cells I am filling down the formula with..are they the same as last time? I included the fill in G3 as well as H2 and I3. Since the Daily Interest will not always be \$3.61, does that formula need to be filled down as well in D2? THANK YOU!

#### kweaver

##### Well-known Member
Not the same...look at my notes from a reply or two ago. You don't have to change the daily interest. It's calculated so just leave alone as the cell is used for the calculations.
You can see that cell being used as \$D\$2 which is an Absolute cell reference to always be used (in the H column).

Last edited:

#### mault

##### New Member
The balance is still only applying the payment. So row three reflects the same amounts as you example, but the balance is subtracting the days interest and shows a balance of \$891.77 (instead of \$32,343.25). So I am missing something here...so close.

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