Adjust Calculation based on 2x conditions in multiple cells?

[Vexorg]

Hello!

This pertains to a model I am using to calculate interest rates for mortgages. Rates can be floating or fixed and the interest rate calculation method can either be Actual/360 or 30/360.

There are 2x cells with dropdown choice similar to the below. (E3 & E4) which have values, and depending on the combination of these values (e.g. 3&1 or 2&2) I want to adjust the formula that is used to determine the output.

[TABLE="width: 500"]
<tbody>[TR]
[TD][/TD]
[TD][/TD]
[TD]Column E[/TD]
[TD][/TD]
[TD][/TD]
[/TR]
[TR]
[TD][/TD]
[TD][/TD]
[TD]Current Choice (Drop-down data validation)[/TD]
[TD]Choices[/TD]
[TD][/TD]
[/TR]
[TR]
[TD]Row 3[/TD]
[TD]Rate Type[/TD]
[TD]Fixed[/TD]
[TD]Fixed (value=3), Floating (value=2)[/TD]
[TD][/TD]
[/TR]
[TR]
[TD]Row 4[/TD]
[TD]Interest Calculation[/TD]
[TD]Actual/360[/TD]
[TD]Actual/360 (value=1), 30/360 (value=2)[/TD]
[TD][/TD]
[/TR]
</tbody>[/TABLE]


As of right now, the interest rate is calculated in cell F37. The calculation is being determined by the value in cell E3, however I would like to adjust the calculation based on the value in E4.

If E4 = "Actual/360" (or "1") the interest rate in F37 should be divided by 360 and then multiplied by 365.

Is the correct way to resolve this to use an =IF(AND( statement to adjust the calculation based on the criteria in cell E3 & E4? I am assuming I would have to set up all of my combinations separately unless there is an easier way to do this?

Regards,

Vexorg

 

[Vexorg]

I was able to figure it out with a nested if:

=IF(AND($E$3=2,$E$4=1),('Test 1'!I37+'Test 1'!$E$5/10000)/360*365,IF(AND($E$3=2,$E$4=2),'Test 1'!I37+'Test 1'!$E$5/10000,IF(AND($E$3=3,$E$4=1),(('Test 1'!$E$6+'Test 1'!$E$5)/10000)/360*365,IF(AND($E$3=3,$E$4=2),('Test 1'!$E$6+'Test 1'!$E$5)/10000))))