Savings interest monthly

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Visitor

Hello guys,

 

I found a spreadsheet that calculate savings interest by year but I want to change to monthly, if you guys can help me with that.

 

Thank you very much.

1 Reply

@JulianoTrevizan 

 

  • If you are dealing with Simple Interest then use this table:

 

Quarterly:       i/4

Monthly:         i/12

Fortnightly:     i/26

Weekly:           i/52

Daily:              i/365

 

**Where i is rate of interest.

 

For example convert  Annual 4% to monthly should  =4%/12

.

  • If you are dealing with Compound Interest then use this table:

Quarterly:        (1 + i)^(1/4) - 1

Monthly:          (1 + i)^(1/12) - 1

Weekly:            (1 + i)^(1/52) - 1

Daily:                (1 + i)^(1/365) - 1

 

**Where i is rate of interest.

 

For example convert Annual 4% to monthly should  =(1 + 0.4)^(1/12) - 1.

Check the cell L6 & N6 on the Savings sheet.