Daily Compound Interest Calculator

[Kevin]

Hi folks,

Am trying to design a daily compound interest calculator for a bank account.

The problem is that the balance varies daily and the interest rate varies depending on the balance. Anything I have come up with is extremely cumbersome to maintain and to update.

Typically, it's just a quarter at any given time but occasionally can go longer.

Any suggestions or ideas would be appreciated, will try to upload a file showing the figures and rates.

Thanks folks
KEv

 

[Luke M]

Hi Kevin,

Here's a calculator I just built, as an example. Works similar to the built in amortization template.

 

[Kevin]

Hi Luke,

Thanks for the calculator. Where it gets tricky for me is adding funds in on a random day, do you just add another column and update the balance formula?

thanks
Kev

 

[Luke M]

Sounds like a good plan. Insert a column, and the update "New Balance" column to add in the new value.

Then you can randomly add/remove funds, balance gets updated, and interest for next day gets calculated.

 

[Kevin]

Thanks for all your help Luke
Kev