Utilizing the FV Function to Calculate Simple Interest in Excel Here, cell E5 refers to the cell of Simple Interest, cell C5 denotes the cell of Principal, cell B5 represents the cell of Time in years and cell D5 denotes the Rate of Interest.Īfterward, drag the Fill Handle up to cell E9 and you will get Simple Interest for the remaining years.Ģ. First, to calculate Simple Interest for Year 1, we can use the following formula in cell E5.We are going to compute the Simple Interest by using the Simple Interest Formula. Our goal is to find these simple interests for each year. The bank will provide 3% Simple Interest each year. In the following dataset, we have a Principal Amount (p) that is deposited in the bank for 5 years. Consequently, you will be able to calculate the Simple Interest without any problems. In this section, we are going to learn how to calculate simple interest in 2 simple and easy-to-use methods. How to Calculate Simple Interest and Compound Interest in Excel: 2 Ways We will use a very straightforward formula to find Simple Interests. In addition, the account holder will gain interest only against the first deposit and the borrower will pay interest only on the initially borrowed amount.Īrithmetic Formula to Calculate Simple Interest In other words, Simple Interest is the interest calculated on the principal portion of a loan or the original contribution to a savings account. Related Articles What Is Simple Interest?
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