# Thread: How to Calculate Loan Balance Due

1. Registered User
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Aug 2004
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## 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. Registered User
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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.

3. Registered User
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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. Registered User
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Jan 2007
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California, USA
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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. Registered User
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Mar 2013
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(((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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