Interest calculation

N

Norman Harker

Hi Greg!

=Amount*(1+RatePerMonth)^(NoOfMonths)-Amount

But if you don't have exact months you need to determine the daily
effective equivalent of the monthly rate:

RatePerDay=(1+RatePerMonth)^(12/365)-1

Then use:

=Amount*(1+RatePerDay)^(EndDate-StartDate)-Amount

Or combining the formulas:

=Amount*(1+((1+RatePerMonth)^(12/365)-1))^(EndDate-StartDate)-Amount
 
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