How to calculate outstanding amount with variable rate table...

[Mike Deblis]

Hi,

I've got a table of base rates for the last five years from my bank -
its arranged as "date rate changed":"rate from that day onwards"...
about 30 entries since june 1997.

I have a sum that is owed from a customer (actually several sums) that
according to our contract is charged at 5% above the base rate on a
day-by-day basis...

How to I calculate this in Excel - I'm certainly no excel wizard as I
only use it for day-to-day mundane stuff...

What I really want is to be able to type in the amount originally owed
and the date on which to start charging interest (i.e. the due date
from the invoice), and for Excel to calculate the per-day cumulative
interest up to the current day.

I'm sure thais must be a standard financial function...

Any help would be appreciated.

Thanks

Mike

 

[Jonathan Rynd]

(e-mail address removed) (Mike Deblis) wrote in

What I really want is to be able to type in the amount originally owed
and the date on which to start charging interest (i.e. the due date
from the invoice), and for Excel to calculate the per-day cumulative
interest up to the current day.

Do you charge interest on the interest? If so, how often does the interest
get capitalized?