Excel - IF Function Problem - Expert Solution

Question description:
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how do I calculate daily interest in excel? for instance if I have $20,000 in a bank that gives .5% interest and calculates it daily, I want to create a spreadsheet that will show what I will have at the end of a 30 day month
Solved by O. A. in 21 mins
This is the chat thread from the real Excelchat help session. It contains no private user information.
Excelchat Expert 02/03/2018 - 09:24
Hello
Excelchat Expert 02/03/2018 - 09:28
Hello
User 02/03/2018 - 09:28
What I'm looking for is a formula that get's me to the end result of 30 days without having to have a separate row for each day
Excelchat Expert 02/03/2018 - 09:28
Ok
User 02/03/2018 - 09:28
thanks
Excelchat Expert 02/03/2018 - 09:33
The formula is FV()
Excelchat Expert 02/03/2018 - 09:33
Which mean the Future Value
Excelchat Expert 02/03/2018 - 09:35
Are you there
Excelchat Expert 02/03/2018 - 09:35
?
User 02/03/2018 - 09:35
ok, so =FV(B1,B3,0,B2,end)
User 02/03/2018 - 09:35
it looks like the FV is for payment and I entered 0 for payments
User 02/03/2018 - 09:36
I see the value in B5, but can't see your formula
Excelchat Expert 02/03/2018 - 09:36
Yes because you don't need to pay every day
Excelchat Expert 02/03/2018 - 09:36
=FV(B1,B3,0,-B2,1)
Excelchat Expert 02/03/2018 - 09:37
This is the formula at B5
User 02/03/2018 - 09:37
and B1 should be the daily interest rate correct?
User 02/03/2018 - 09:37
so if 5% were the interest rate it would actually be =5%/365
Excelchat Expert 02/03/2018 - 09:38
Yes
User 02/03/2018 - 09:38
were you going to share the formula at B5 before I broke in>
User 02/03/2018 - 09:38
?
Excelchat Expert 02/03/2018 - 09:39
What do you mean?
User 02/03/2018 - 09:40
I only see the end result in B5 not the actual formula that you have there.
Excelchat Expert 02/03/2018 - 09:40
click the cell and the formula appears.
Excelchat Expert 02/03/2018 - 09:40
This is the formula
Excelchat Expert 02/03/2018 - 09:41
=FV(B1,B3,0,-B2,1)
User 02/03/2018 - 09:41
LOL - didn't realize I could interact with it. thanks
Excelchat Expert 02/03/2018 - 09:41
You can copy and paste it
Excelchat Expert 02/03/2018 - 09:41
Or you can download the file above this chat
User 02/03/2018 - 09:42
why is B2 a -B2 in this formula?
Excelchat Expert 02/03/2018 - 09:42
To get the result positive.
User 02/03/2018 - 09:42
ok, thanks
Excelchat Expert 02/03/2018 - 09:43
and the 20000$ you pay it to the bank
User 02/03/2018 - 09:43
Actually will use this to find out how much bank is paying me in a saving account, but same principal. thanks for your help
Excelchat Expert 02/03/2018 - 09:44
ok
Excelchat Expert 02/03/2018 - 09:44
thanks
Excelchat Expert 02/03/2018 - 09:44
Is there anything else you want to know regarding this issue?
User 02/03/2018 - 09:45
nope, you got me over the hump. thanks again. have a great weekend
Excelchat Expert 02/03/2018 - 09:45
same for you
Excelchat Expert 02/03/2018 - 09:45
bye

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