![]() ![]() Secondly, in cell C9 write the following formula,.Firstly, select the cell in which you want to calculate the Final Amount.Let’s see step by step how to calculate daily simple interest in Excel by using the generic formula. Now, with a daily Interest Rate of 0.05%, I will show you how you can calculate the Final Amount after 1 day and the Daily Interest. In this method, I will be using the generic formula for calculating daily simple interest.įor example, you have $10,000 as your Principal Amount. Using Generic Formula to Calculate Daily Simple Interest in Excel I will explain 3 different methods on how to calculate daily simple interest in Excel.ġ. ![]() I will be using this same table for calculating all the methods. How to Calculate Daily Simple Interest in Excel: 3 Easy Waysįor this tutorial, I have taken a dataset that contains the Principal Amount, Interest Rate (Daily), and Time (Days). The formula for calculating the final amount is, The formula for calculating simple interest is,įor daily simple interest, the formula will be: The simple interest is calculated by multiplying the principal amount by the daily interest rate by the number of days which is 1 for daily simple interest. The daily Interest rate is calculated by dividing the annual interest rate by 365. For daily simple interest, interest is accrued every day. ![]() Simple interest is calculated on the principal amount of a loan or the initial deposit into a savings account. Related Articles What Is Daily Simple Interest? ![]()
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