Excel Formula

alf0001

Hi, Does anyone have an excel spreadsheet that calculates Compounded Interest? i.e. Starting Balance - £1000 Interest 3% Day 1 - £1000 x 3% / 365 Day 2 - Credit £500 - Balance £1500 x 3% / 365 etc etc. Thanks in Advance

HoofeHearted

alf0001 wrote: »

Hi, Does anyone have an excel spreadsheet that calculates Compounded Interest? i.e. Starting Balance - £1000 Interest 3% Day 1 - £1000 x 3% / 365 Day 2 - Credit £500 - Balance £1500 x 3% / 365 etc etc. Thanks in Advance

Does this help?

alf0001

Thanks, that was a quick Google search - lol I have looked at that, but didn't understand how to switch it to calculate on daily instead of yearly. Also, the balance, not just the interest, changes, up and down. Kind of complex.

HoofeHearted

alf0001 wrote: »

Thanks, that was a quick Google search - lol I have looked at that, but didn't understand how to switch it to calculate on daily instead of yearly. Also, the balance, not just the interest, changes, up and down. Kind of complex.

For Daily Compound Interest have a look at the bottom of this thread.

scottishlass

There's also the thread here that might help http://forums.moneysavingexpert.com/showthread.html?t=600170

alf0001

Thanks for your help

samhale

Or Alternatively:
£1000 * 1.05^5

Starting Balance * 1 + % Interest (E.g. 5% = 1.05) ^ duration.

alf0001

samhale wrote: »

Or Alternatively:
£1000 * 1.05^5

Starting Balance * 1 + % Interest (E.g. 5% = 1.05) ^ duration.

Thanks Sam