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  1. #1
    Join Date
    Aug 2004
    Posts
    173

    Unanswered: How to Calculate Loan Balance Due

    I am working on an app where a loan co finances cars - the cars may be paid off within 10 - 20 - 30 days or so

    When paying a vehicle off - i need to calculate the amount due at that tme

    the variables are as follows

    Date Funded: 1/1/07
    Amt Funded: 10,000.00
    Annual Interest Rate: 11.50%

    so if the car was paid off on 1/17/07 - that would be 16 days

    what I need is the compounded interest on 10k for 16 days - based on an annual rate of 11.50%

    I would like to do this in a query vs using a function (if possible)

    Any help is appreciated!

    AB

  2. #2
    Join Date
    May 2005
    Location
    Nevada, USA
    Posts
    2,888
    Provided Answers: 6
    What's the math you want to use? You can use DateDiff to get the number of days, and presumably do the math from there.
    Paul

  3. #3
    Join Date
    Aug 2004
    Posts
    173

    reply...

    Quote Originally Posted by pbaldy
    What's the math you want to use? You can use DateDiff to get the number of days, and presumably do the math from there.

    I have the datediff working ok - what I need to know is how to calculate the compounded interest....

    AB

  4. #4
    Join Date
    Jan 2007
    Location
    California, USA
    Posts
    520
    The interest depends on how often this loan is compounded. Is it compounded daily, weekly, monthly, or annually? In the following formula, CF stands for Compound Frequency (how often compounded). So, here are the definitions of the variables in the formula:
    P = Principal
    ar = Annual percentage rate
    CF = Compound frequency (Yearly = 1, Monthly = 12, Weekly = 52, Daily = 360)
    Days = Number of days of the loan.

    Therefore, the calculation of interest due for the number of days given would be:
    (((P*(1+(ar/CF))^CF)-P) /360) * Days

    This formula ONLY works for loans less than 360 days!
    Hope this helps,

  5. #5
    Join Date
    Mar 2013
    Posts
    2
    (((P*(1+(ar/CF))^CF)-P) /360) * Days
    this formula is right.. I have already used it to calculate loan amount..

    If you can help me to create formula to calculate credit card debt consolidation you will help..
    Last edited by debter; 03-28-13 at 12:29.

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