If you are an expert in excel, please solve my problem.
I have an excel sheet including loans given to many customers. Repayments should be done daily for these loans. Interest rate is 5% per month (30 days). If loans have been given in previous dates, How to find the total interest payable up to a current date. Can you tell me a formula?
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I will give you solution to your problem using functions available in Microsoft excel. Please refer the below example.
Then type the heading in the Column D as “Current date” and Column E “Interest to date”.
Then enter the current date in the relevant column. I will type the date as 01/08/2012 and copy it to below cells.
Now type the following formula in the column E.
=A3*C3/30*(D3-B3)
Now copy the same formula to below cells. Then you will be able to get the result you expected as shown in the below image.
I believe this answer would be helpful to you in order to get the result.
I have read your post and I got the formula you need. Based on the facts that you mentioned you want a formula that could calculate the interest rate of a loan automatically in terms of the loan date and the current date right? Here’s the formula:
=((DAYS360(loan_date,NOW(),0))/30)*(interest*loan_amount)+loan_amount
Key-in the formula and follow the pattern above say for example the ‘interest’ should be the cell for the interest rate of just type 5% in it. Hope this helps.