**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
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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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