Excel - IF Function Problem - Expert Solution

Question description:
This user has given permission to use the problem statement for this blog.

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

This is the output file from the real Excelchat help session:
This is an example of the expert help you can get. It contains no private user information.

Get instant expert help with Excel and Google Sheets

Post your problem and you’ll get expert help in seconds.

Your message must be at least 40 characters
Your privacy is guaranteed. Your session will not be used for blog unless you give us persmission.

Click here to get your free Excelchat help session

Subscribe to Excelchat.co
Trusted by people who work at
Amazon.com, Inc
Facebook, Inc
Accenture PLC
Siemens AG
Macy's
The Allstate Corporation
United Parcel Service
Dell Inc