formula for interest

[Guest]

Hi
I suck at this so be patient1
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?

 

[Guest]

hi,
formating should have nothing to do with it.
since you feel the formula isn't working, what are the numbers and what do
you think the results should be?

 

[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

 

[joeu2004]

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?

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

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.