Forum Discussion
Excel formula help
- I'm not sure but I think what the OP is getting at is that the partial payments need to be taken into account such that the 10% is applied to the remaining balance at that time. So if the original loan is 1000 and 10% interest so principle & Interest is 1100 that has to be paid by due date but if only 500 was paid then 600 is outstanding balance and would get 10% penalty so new loan balance would be 660 the month after the due date and if they paid 260 then the next month would have another 10% penalty but only on the remaining 400 so the new balance would be 440.
Maybe Mbarak630 could confirm or correct this
If this is the case I think we could use LAMBDA function with REDUCE to do this
Mbarak630 sent me a sample workbook (attached) and the following explanation:
In payment t[r]acker sheet is where the loan taken is entered, and the other sheet is where the payment for loan taken is entered. the payment made, whether in partials is then updated on payment tracker until all outstanding is cleared.
I want that if in one month the loan is not cleared, meaning it has an outstanding balance, then another 10% is charged for the next month, and the cycle continues for the third and the fourth month. so total to be paid is principle + 1st month interest interest + interest of the defaulted months.
I'm terrible at financial stuff. Anyone else? JoeUser SergeiBaklan mtarler mathetes NikolinoDE Riny_van_Eekelen PeterBartholomew1
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