Hi Forum,
I will appreciate help with an, apparent, problem. I have set up a spreadsheet to calculate the interest earned on a capital investment of 50 per month credited to the account on the 18th monthly. The exception to the date is when it falls on a Saturday or Sunday. The interest earned is calculated on the basis of 3% annually on daily balance. The interest earned is credited to the account on the 1st monthly. Of course, that is dependant on the 1st is a weekday. For instance, the interest for April was credited on 4 May 2021. The investment commenced on 18 January 2021. I am asking the Community members to set up a spreadsheet based on the above information. I will reiterate, the account is credited with the Capital amount 50 on 18th monthly and the interest is calculated for the number of days preceding (i.e. 1st of the previous month to the last date of the the preceding month). The first month January 2021 interest was calculated as 50*(3%/365)*(number of days: 18/1/21>31/1/21=14days inclusive)=0.06. The 0.06 was credited to the account on 1 February 2021. I will appreciate Members of the Community doing calculations of interest earned for a year ending with the interest credited on 1 February 2022. Your assistance with this will be appreciated. I will tell you that I have used 2 spreadsheet types (including Apache OpenOffice Calc) and found that over that period I get differing results for the months of May 2021 and subsequent months. Kind regards.
Calculate interest on investment
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