Spreadsheet with interest

[BenScoobert]

Ah so sunlight may have shone on my simple brain.

 

So for example: (bear with me)

 

I am charged £30 in Feb 2001, I was overdrawn until july 2001. I add up all the interest from the £30 being taken until the day I was back in credit.

Then I work out the average balance of the account from the day the £30 was taken until the day in July when I got back in the black.

 

Then via some magictrickery your spread sheet calculates how much of the interest I was charged on the £30 and the compound interest on the interest.

 

I think

[BenScoobert]

OR do I add all the interest up until today.

As if I went back overdrawn, I am more overdrawn than I would have been had I not got the charge.

[BenScoobert]

Here we go 3rd time lucky, I'm looking at credit card compound contractual also.

Cell F15 downwards, is this the interest from the following month's statement or the interest charged until today?

[bram stoker]

Here we go 3rd time lucky, I'm looking at credit card compound contractual also.

Cell F15 downwards, is this the interest from the following month's statement or the interest charged until today?

This interest is the interest they charged you

on the month's credit card you are looking at.

[chezt]

Vamp quick Q while ur here!

 

I've used your wonderful spreadsheet to calculate comp cont int & notice that the daily rate in pence doesn't match the actual amount it adds on when I change the claim date (ie add on one day?)

 

I'm prob just being a thicko but could u let me know if this is right ... simple explanation please!

[bram stoker]

Vamp quick Q while ur here!

 

I've used your wonderful spreadsheet to calculate comp cont int & notice that the daily rate in pence doesn't match the actual amount it adds on when I change the claim date (ie add on one day?)

 

I'm prob just being a thicko but could u let me know if this is right ... simple explanation please!

Which number spreadsheet please?

[chezt]

Which number spreadsheet please?

 

errrmmm ... Number 16 I reckon (I'm sure it was this one I used)

[bram stoker]

errrmmm ... Number 16 I reckon (I'm sure it was this one I used)

There is no daily rate on this one. Maybe it was on an old version, I can't remember.

 

Compounding interest will not have a daily rate in pence. You'll just have to state the rate. The pence per day will increase each time interest is added - daily.

[chezt]

BUGGA! Vamp forget it for a while - Think I've used No 15 in error - I'll copy over all my details & look again .. sorry to bother you but at least I've noticed my error!

[jay smith]

Hi,

Im sure this has probably been asked a millioin times before, so please forgive me for asking again....

But how do i work out the interest and the time/days on the spread sheets?

I am useing the simple excell for banks as i am about to claim back from abbey. I have filled in all the charges but now need to fill in the other two colums for days since offence, and 8% interest. surely there must be an easy (ish) way to calculate ?

 

many thanks

JAY

[chezt]

Hi,

Im sure this has probably been asked a millioin times before, so please forgive me for asking again....

But how do i work out the interest and the time/days on the spread sheets?

I am useing the simple excell for banks as i am about to claim back from abbey. I have filled in all the charges but now need to fill in the other two colums for days since offence, and 8% interest. surely there must be an easy (ish) way to calculate ?

 

many thanks

JAY

 

Jay this should calculate automatically when you put in the date of the charge - both the days & the interest - have you entered the date in the correct format?

[jay smith]

hi chezt,

i dont know- what is corect format for date? the computer did it itself as 31/10/2006. just looked at spreadsheet again and two colums are definately empty.... is threr any way i can start if off? give it a nudge so to speak?

[bram stoker]

Jay,

 

Did you delete what was already in the cells? You should not be deleting anything that is a formula.

 

You can download the template and copy the formula back in.

[BenScoobert]

Don't forget it is american date format, so xmas day is 12/25/2006 not 25/112/2006

[chezt]

hi chezt,

i dont know- what is corect format for date? the computer did it itself as 31/10/2006. just looked at spreadsheet again and two colums are definately empty.... is threr any way i can start if off? give it a nudge so to speak?

 

Jay as the Vampiress said - you just overtype the cells with your info - perhaps you actualy deleted/cleared the cells instead of overtyping with your info & so it sounds like you have accidently deleted the formula which calculates the days/interest. You can open another sheet and copy & paste your charges info into the new sheet to save typing it all out again - this should work.

 

It sounds like you used the sheet on here - not the ones in Vamps chambers?

[BenScoobert]

I have been reading the formula in your sheets Vamp, good grief!!!!!!

You really know your stuff.

I have had a go at the advanced credit card sheet, I'm not convinced the last 2 columns are correct, but then I feel I am questioning the person who made the sheets, which convinces me that it is ME that is wrong.

How does this sheet look to you?

mint.htm

 

sorry the formatting was lost when it went to htm but it is readable

[bram stoker]

I have been reading the formula in your sheets Vamp, good grief!!!!!!

You really know your stuff.

I have had a go at the advanced credit card sheet, I'm not convinced the last 2 columns are correct, but then I feel I am questioning the person who made the sheets, which convinces me that it is ME that is wrong.

How does this sheet look to you?

mint.htm

 

sorry the formatting was lost when it went to htm but it is readable

Think more about the logic behind this.

 

Roughly, you were charged £50 interest on a balance of £5,000. £200 out of the £5,000 was penalty charges i.e. 200/5,000 or 1/25. So 1/25 of the £50 interest you were charged relates to your penalties, i.e. approx £2.

 

Looks about fine and dandy to me.

[BenScoobert]

I got you on that, but that's for 1 month right? What about the month after and the month after that? Up until today?

I think I may be missing the point as I'm sure I couldn't design a spreadsheet like this.

[bram stoker]

Which number spreadsheet did you use please?

[BenScoobert]

The one I linked earlier is 16

[bram stoker]

OK, It's not number 16.

 

I've just closed Chambers, and re-opened them thinking they were all wrong. I need a holiday.

 

Please re-check what you have done and come back if you still think something is wrong. I agree the compound contractual interest looks wrong on your schedule, but have checked SS 16 and it works there.

 

Unfortunately I can't see your workings.

Sorry.

[BenScoobert]

Hmmm you're right now 16 looks different, sorry I blagged your head.

I'll start again.

[bram stoker]

Holidays are booked on the site's calendar.

 

Good luck.

[BenScoobert]

I hope you have a good holiday Vamp. You wanna leave the hotel number in case we all get really stuck

 

I have got stuck into ss16 tonight.

1 Month I paid off my balance and a little more, this means I have a remaining balance of (675.92) one month, of course on your sheet this shows as negative and screws up the formula.

Is there a work around for this?

Serves me right for balance transfering too much so I had a bit to spend

[bram stoker]

Just fudge it by putting the payment to make the balance zero, and what you didn't put in, add on to the next month's payment. It won't affect the end result.

 

Did I just say Fudge?!?!?!?