interest calculations

[Tess]

I have looked at several loan amortization templates but they do not
calculate interest on an actual/365 basis, which is what my bank does. Does
anyone know of a formula or template that allows you to edit the basis for
interest?

 

[Bernie Deitrick]

All interest/payment calculations are customizable as to the period. For example, this will give
the monthly payment for a 30 year mortgage (per 1000 borrowed) charging 6%

=PMT(6%/12, 30*12,-1000)
for an answer of $6.00

And this will give the monthly payment for that same loan where the interest is charged daily

=PMT(6%/365, 30*365,-1000)*365/12

for an answer of $5.99

HTH,
Bernie
MS Excel MVP