software

Hi,

I am a cabinet maker who needs to borrow 30,000 from a friend because I
tweaked my back for a few weeks and now have to catch up for the next
few months. I want to be able to make a worksheet that allows me to
give him a known interest rate and then apply the rest to the
principal. I would love it if I could do it on any day of the month
and not have it tied to a monthly period. It is essentially exactly
what credit cards do. Ideally, it would show in columns what was paid,
what day it was paid, how much went to interest for that month, how
much went to principal, and how much principal remains. Incidentally,
this would be great for just capital borrowing in general. The lender
gets a fixed return, but I can write checks willy nilly. As an added
tweak (just like the credit cards) if I don't make the interest in a
month, I would love for the unmet interest to roll to the next month.

Any ideas?

Wouldn't it be cool if the lender could access this info on my webpage
via a password!
PS If anyone could set this up I would be willing to pay something via
check or paypal.Hi

Col A1 = Date
Col B1 = Withdrawals
Col C1 = Interest earned
Col D1 = Repayments
Col E1 = Balance owing
E2 = Initial loan amt (30K)
C3 = =IF(E2=quot;quot;,quot;quot;,E2*(ROUND(lt;rategt;/12,2)))
E3 = =IF(OR(C3=quot;quot;,D3=quot;quot;),quot;quot;,E2 B3 C3-D3)
Copy formulae in C and E downquot; wrote:

gt; Hi,
gt;
gt; I am a cabinet maker who needs to borrow 30,000 from a friend because I
gt; tweaked my back for a few weeks and now have to catch up for the next
gt; few months. I want to be able to make a worksheet that allows me to
gt; give him a known interest rate and then apply the rest to the
gt; principal. I would love it if I could do it on any day of the month
gt; and not have it tied to a monthly period. It is essentially exactly
gt; what credit cards do. Ideally, it would show in columns what was paid,
gt; what day it was paid, how much went to interest for that month, how
gt; much went to principal, and how much principal remains. Incidentally,
gt; this would be great for just capital borrowing in general. The lender
gt; gets a fixed return, but I can write checks willy nilly. As an added
gt; tweak (just like the credit cards) if I don't make the interest in a
gt; month, I would love for the unmet interest to roll to the next month.
gt;
gt; Any ideas?
gt;
gt; Wouldn't it be cool if the lender could access this info on my webpage
gt; via a password!
gt;
gt;
gt;
gt; PS If anyone could set this up I would be willing to pay something via
gt; check or paypal.
gt;
gt;

Awesome,

Thank you so much! I learned a few new functions from your formula. I
wonder how we get it to only charge interest on the outstanding
principle, since this always charges $300 interest, even when your
total due is down to 1000. Hmm...

PatrickAwesome,

Thank you so much! I learned a few new functions from your formula. I
wonder how we get it to only charge interest on the outstanding
principle, since this always charges $300 interest, even when your
total due is down to 1000. Hmm...

PatrickOops,

I forgot to see that the E2 reference is relative...

I still wonder how one could have the interest only on the principle,
as I think this compounds the interest. Hmmm...

Lots of hmmmms

PatrickAdditional columns, my friend. You will have to create a column for
withdrawals, one for repayments, one for interest, one for principle debt
balance, and then one for total balance. Do your interest calcs on the
principle debt column, and the total balance one can use the formula I
previously posted. To determine the principle debt, add all withdrawals,
subtract all repayments and leave out the interest column in your calcs.

quot; wrote:

gt; Oops,
gt;
gt; I forgot to see that the E2 reference is relative...
gt;
gt; I still wonder how one could have the interest only on the principle,
gt; as I think this compounds the interest. Hmmm...
gt;
gt; Lots of hmmmms
gt;
gt; Patrick
gt;
gt;