Learn About Interest Calculator Excel In Brief.

Asked By Berry Dinardo 0 points N/A Posted on - 06/10/2017

Hi all, I am learning about the basics of MS Excel. I am only unable to understand the interest calculator excel.  Does anyone know about the formula? If yes, please reply.

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Answered By Hiram B Nunn 35 points N/A #299062

Learn About Interest Calculator Excel In Brief.

As you must know, the generic formula for calculating simple interest is as follows:
interest=principal amount*rate*time

 
If you wish to calculate simple interest in MS Excel, then you can use a formula that multiplies the three terms principal, rate, and time.

 
For example, assume that $1000 is the principal amount for 10 years at an interest rate of 5% for a year. Simple interest means that the payments of interest are not in compound form – or that the interest applies to the principal amount only.

 

In the example in the image shown, the formula applied in C8 is as under:

=C5*C7*C6

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• Posted on - 06/10/2017
• Question Category: Hardware