Formula to calculate interest only on a short term loan?

[Excel2007Help]

I am not familiar with Excel 2007 and need to calculate a bridge loan MONTHLY
INTEREST ONLY scenario, with a fixed %rate, for a range of 1 -6 months. Not
sure if if interest accrues daily or monthly.

 

[Fred Smith]

Assuming you have an annual interest rate, a month's interest is:
=Principal*IntRate/12

This may be good enough for your purposes. Most financial institutions would
calculate the interest based on the number of days in the month, so
something like:
=Principal*IntRate/365*day(eomonth(a1,0))

Regards,
Fred.