Excel budget planner question please!

di7868

I am trying to work out my loan repayments on excel on my budget planner to keep my overpayments on track
Can anyone tell me if i have a cell with 17k in it (for example) and i want the next cell to show the monthly interest on that figure what is the sum i would put in (my apr is 6.3%)
ie 17000.00 x6.3% x 365 divided by 31
I want to use 31 as days per month in all months as i wud prefer to overestimate then under
if you get what i mean :rolleyes:

hypno06

bumping this one up!

maddysaver

I would think you put =17000*(6.3%/12)

I was trying to think why you need to bother with the 365/31 thing but I can't think why unless I'm missing something...

pointypenguin

You would need to put

=(17000*(6.3/100)*(31/366)

remember this year is a leap year. The above would just give you the interest amount not the amount with interest added for that you would need:


=(17000*((6.3/100)+1)*(31/366)

di7868

Thank you both and thank you for the bump too!
Maddy saver - maybe its my logic, but i was thinking of finding out the daily interest on my loan then multipying by 31 to get the monthly accrued interest which i want my second column to show.

A bit more info.....
Basically I am being completely sad (!) and working out my own snowball as the one i tried only shows the same overpayment amount a month and i want to list every month what i want to overpay (for instance some months its 300 some 800). I have worked out doing this i can pay off my loan in 18 months. But having thought about it tonight the more i overpay the less daily interest i pay. This month i am paying 150 capital and 97.28 interest a month but by overpaying more surely my interest repayment will decrease monthly and my capital repayment will increase?? I wanted to get a more accurate DFD date on this?

Reading this back does this even make any sense and if so which of the above sums you both gave me is more accurate for my aim??

di7868

Any more Advice??