# 360 Day Interest Calculation Excel

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Per diem interest calculator and explanation. Per diem is Latin for "for a day." So naturally, if you add the word “interest”, per diem interest means the amount.

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The interest due for a month with 31 days is larger than for a month with 30 days, and the lender collects another day’s interest in a leap year. On these loans, the difference between using a 360 and a 365-day year in calculating the daily rate is significant because the daily rate is applied every day.

· Enter the interest payment formula. Type =IPMT(B2, 1, B3, B1) into cell B4 and press Enter.Doing so will calculate the amount that you’ll have to pay in interest for each period. This doesn’t give you the compounded interest, which generally gets lower as the amount you pay decreases.

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To calculate compound interest in Excel, you can use the FV function. This example assumes that \$1000 is invested for 10 years at an annual interest rate of 5%, compounded monthly. In the example shown, the formula in C10 is: =

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For both 30/360 and actual/360, the daily interest rate is the annualRate/360. For 30/360, each month is considered to be 30 days. Thus, the monthly interest rate for on-time payments is annualRate*30/360, which is the same as annualRate/12. The regular monthly payment can be computed by: roundup(pmt(annualRate/12, termInMonths, -loanAmount), 2)

· 24 month loan. The problem is the bank uses a 360 day basis when they calculate the fixed monthly payment. Excel’s PMT formula has a 365 day basis. If you have 24 identical monthly payments, the only trick is in calculating the *effective* monthly interest rate. That is, whether you use 360, 365 or 366 day years, there are always 12 months in a year.

This loan calculation assumes that there are 360 days a year and 30 days in each month. Calculate Accrued Interest on a Bond in Excel – 3 Ways.. there were 12 months in a year, they agreed that there were 360 days in a year. The Excel DAYS360 function returns the number of days between two dates based on a 360-day year.

The problem is the bank uses a 360 day basis when they calculate the fixed monthly payment. Excel’s PMT formula has a 365 day basis. If you have 24 identical monthly payments, the only trick is in calculating the *effective* monthly interest rate.