How do I change a formula to accrue interest daily?

[Guest]

I am using the loan calculater (with extra payment options), and the interest
is accrued based on a certain payment date every month. Our payment date
will vary, how can I change the formula to reflect the most accurate interest?

 

[Fred Smith]

Posting the original formula would help substantially.

To answer your question, accrued interest is simply: amount*#days*intrate/365

If that doesn't help, post more information.


----- Original Message -----
From: "carrie_whitman" <[email protected]>
Newsgroups: microsoft.public.excel.worksheet.functions
Sent: Wednesday, October 03, 2007 10:23 am
Subject: How do I change a formula to accrue interest daily?