A formula is needed

[midnight5]

I am looking for a financial formula that will calculate the monthly
payments for a construction loan that charges per day interest.

For example, If the first draw from a construction loan were $35,000 at
6.5% with the term being 30 days, what would that payment be?

Then, the second draw would be an additional $50,000 so the total would
be $35,000 + $50,000 = $85,000 at 6.5% with the term being another 30
days.

I keep trying to manipulate a mortgage loan formula but I can't seem to
make it work.

Any thoughts?

 

[Myrna Larson]

I think the first problem is what is meant by 6.5%. If the daily rate is 6.5%/365, then the
interest for a 30 day period with daily compounding is loan balance * ((1+0.065/365)^30-1).

If you must pay off the total amount at the end of the 30 day period, the payment would be
=LoanAmt*(1+0.065/365)^30

I don't understand what is happening when you talk about multiple draws. Are you paying only the
interest due, but also making another "loan"?