M
ml@pok
I am trying to keep track of my floorplan costs daily. Basically I hav
an amount (A) a rate (R) and a number of days of interest accruing (D)
The principle amount will always be the same and does not get paid. Th
interest is paid monthly and is compounded daily.
For Instance:
Amount = $1000
Rate = .07 (yearly)
Days = 40
How much interest has accrued at the 40 day mark.
My formula already calcs the # of days since interest starts accruin
and goes up daily. I cannot figure out how to compound the interes
daily. I have done it with simple interest but the figures are nearl
half of actuall interest accrued (according to finance co.)
Any help will be greatly appreciated.
Marshall Lewis
Polaris-Suzuki of Knoxville
:confused
an amount (A) a rate (R) and a number of days of interest accruing (D)
The principle amount will always be the same and does not get paid. Th
interest is paid monthly and is compounded daily.
For Instance:
Amount = $1000
Rate = .07 (yearly)
Days = 40
How much interest has accrued at the 40 day mark.
My formula already calcs the # of days since interest starts accruin
and goes up daily. I cannot figure out how to compound the interes
daily. I have done it with simple interest but the figures are nearl
half of actuall interest accrued (according to finance co.)
Any help will be greatly appreciated.
Marshall Lewis
Polaris-Suzuki of Knoxville
:confused