software

I have Microsoft Excel 2003. We are collecting mortage payments on a sale of
property. I need to know how to set up formulas for the spreadsheet to
reflect simple interest and irregular payments. I found the answers
separately but don't know how to do both in the same spreadsheet. Thank you
--
Grey Squirrel

If you truly have simple interest, you would set up a spreadsheet with four
columns: date, payment, interest, balance.

You calculate the interest amount for each payment as:
PreviousBalance*(PaymentDate-PreviousPaymentDate)/365*InterestRate.

Also, don't bother comparing this to a compound interest mortgage, because
you'll find that agreeing to only simple interest was very costly.

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Regards,
Fredquot;Thumperquot; gt; wrote in message
...
gt;I have Microsoft Excel 2003. We are collecting mortage payments on a sale of
gt; property. I need to know how to set up formulas for the spreadsheet to
gt; reflect simple interest and irregular payments. I found the answers
gt; separately but don't know how to do both in the same spreadsheet. Thank you
gt; --
gt; Grey Squirrel