Hello,
I have someone to whom I've been lending money at random times for the last 3 years, sometimes is $600, sometimes can be $2000. It's a friend so I've never paid much attention to how much this money would have given me if I had it in the bank or invested. But now the debt is considerable and although he pays me back whatever he can, he's still a long way to pay me back the balance.
I have been keeping an xls sheet where I simply have the date, amount and balance and I keep track of the loans and the payments.
Since every amount is on a different date over 4 years, how can I calculate the daily interest that I would have accumulated to date if the money had been sitting in the bank or invested.
For this exercise let's assume a yearly rate of 2%. I can always change it.
Attached is an example of what the sheet looks like. I'd like to have the last column to reflect the interest that each amount would have produced as of today, unless you can see a more practical way to have the total interest to date.
What happens when he makes a payment? Is it deducted from the oldest loans? ...
In a way is like a line of credit of a bank I guess where you can withdraw money and make payments periodically, the only difference is that the payments are scheduled on a fixed period usually monthly whereas here my friend pays me whenever he can.
Some help or advice would be appreciated.
I have someone to whom I've been lending money at random times for the last 3 years, sometimes is $600, sometimes can be $2000. It's a friend so I've never paid much attention to how much this money would have given me if I had it in the bank or invested. But now the debt is considerable and although he pays me back whatever he can, he's still a long way to pay me back the balance.
I have been keeping an xls sheet where I simply have the date, amount and balance and I keep track of the loans and the payments.
Since every amount is on a different date over 4 years, how can I calculate the daily interest that I would have accumulated to date if the money had been sitting in the bank or invested.
For this exercise let's assume a yearly rate of 2%. I can always change it.
Attached is an example of what the sheet looks like. I'd like to have the last column to reflect the interest that each amount would have produced as of today, unless you can see a more practical way to have the total interest to date.
What happens when he makes a payment? Is it deducted from the oldest loans? ...
In a way is like a line of credit of a bank I guess where you can withdraw money and make payments periodically, the only difference is that the payments are scheduled on a fixed period usually monthly whereas here my friend pays me whenever he can.
Some help or advice would be appreciated.