calculating interest

  • Thread starter Thread starter Guest
  • Start date Start date
G

Guest

hey,
one the numbers are as follows;
1303.54*1*2.8%/365
that is I9*J9*D7/365
it should turn out to be .09
leslie
 
hey

I get 0.99998 using =1303.54*1*2.8%/365

What are you getting and what don't you like about it?


Gord Dibben MS Excel MVP
 
I'm trying to calculate interest using the formula
balance*days-since-last-translation*interest rate/36 I9*J9 *D7/365
I think its not working because d7 is formatted as a percentage (2.8%).
how do I get it to work?
Click to expand...

one the numbers are as follows;
1303.54*1*2.8%/365
that is I9*J9*D7/365
it should turn out to be .09
Click to expand...

Can we please have only one thread for this discussion. As I
responded in your original thread....

And that computes to 0.099998 (rounded) -- closer to 0.10, but "close
enough", I think. Perhaps wherever you are reading "0.09" (a bank
statement?) chose to truncate the result, instead of round.

Anyway, the point is: your formula is correct, if you are trying to
compute interest based on daily balance. You merely have a couple
insignificant typos in your description, namely: (a) it is "day since
last __transaction__" (not translation); and (b) it is "/365" (not /
36).

So why do you think your result is wrong?

You neglected to say what is the result of __your__ calculation.
 
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