accruing interest

[scarnohan]

i am trying to keep track of the interest i am accruing on my c.d. i am
keeping track of it on excel. the only problem is i need to know how to
set up the calculations in excel. i have 1500 in my c.d and the rate is
3.92% with a 4.0% apy. the interest is accrued daily and credited
monthly. can anyone help

 

[Guest]

i am trying to keep track of the interest i am accruing on
my c.d. i am keeping track of it on excel. the only problem
is i need to know how to set up the calculations in excel.
i have 1500 in my c.d and the rate is 3.92% with a 4.0%
apy. the interest is accrued daily and credited monthly.

The interest accrued in any period is:

=FV(3.92%/365, n,, -prevBalance) - prevBalance

where "n" is the number of days in the period. The best
way to determine "n" is to compute the number of days
using actual dates. That will adjust correctly for 28, 29,
30 and 31-day periods. Example:

A1=2/3/2006
C1=1500
A2=3/3/2006
B2=FV(3.92%/365,A2-A1,,-C1)
C2=C1+B2
A3=4/3/2006

Be sure that column B and C are formatted as Currency
with 2 decimal places. Copy B2:C2 to B3:C3, then drag
A2:C3 (two rows) down through the term of the CD.