How to calculate loan interest up to date in excel using formula?

Asked By 10 points N/A Posted on -
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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. The 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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Best Answer by Geisha Nitta
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Answered By 0 points N/A #136166

How to calculate loan interest up to date in excel using formula?

qa-featured

I will give you a solution to your problem using functions available in Microsoft excel. Please refer the below example.

Data in Excel

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 the cells.

Interest calculation in Excel

Now type the following formula in the column E.

=A3*C3/30*(D3-B3)

Interest calculation

Now copy the same formula to below the cells. Then you will be able to get the result you expected as shown in the below image.

formula Excel

I believe this answer would be helpful to you in order to get the result.

Answered By 0 points N/A #136167

How to calculate loan interest up to date in excel using formula?

qa-featured

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.

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