Calculating interest earned... Excel or otherwise.

  Simsy 12:55 14 Jun 2007
Locked

Folks,

though I an good with numbers, I don't usually deal with financial things...

I'm trying to either find a calculator on the internet, or use Excel features to work out how much interest would be earned on regular payment.

I can do it in Excel, "longhanded", making a chart that slowly progresses, but I'm sure there must be a formula to do what I want.

The problem is that all the financial stuff in Excell is either US based, or using terminology that I don't really understand...

Can anyone advise on what formula to use, either build in or created, that will work out the following;

Start amount =£w
Make a monthly payment of £x
Annual Interest Rate of y%

Interest calculated daily, accumulated, and then paid annually.

Number of months = z

This must be doable easier than the method I'm using... I'm having a mental blank!

Thanks in advance.

Regards,

Simsy

  Abel 15:46 14 Jun 2007

Hi Simsy, I find your post slightly confusing. On the one hand you speak of interest earned, and in the body of your post you mention payments. My assumption is, that you have savings of a certain amount which you add to on a monthly basis and want to monitor the interest earned. If this is the case, I can send you an Excel spreadsheet via the yellow envelope, which I personally use for the same purpose.

Abel

  Simsy 16:14 14 Jun 2007

I can see the confusion...

When I say "payments" I am refering to payments INTO some form of saving scheme, e.g. Building Society... so these "payments" would be earning interest.

I'd welcome seeing what you've done. I am working on something similar, but I'm sure there's an easier way!

I'll send you a message with my email address.

Many Thanks.

Regards,

Simsy

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