seriousdamage
Board Regular
- Joined
- Aug 14, 2005
- Messages
- 58
Hello All,
I would like to build a simple replica of my online saving account but than in Excel.
The part I am confused is the interest calculation.
The account is an open account, I can deposit and withdraw anytime I want.
The interests are payed once a year and the cool think about the online bank is that they always show you
every time you log in, how much interest you have accumulated to that date, This is what I like to replicate.
So the file will have the following columns:
A: Date
B: Deposit/Withdraw
C: Amount
D: Balance
C: Interest provided by bank: 1.5% (generally fixed but could change based on economy)
E: Interest accumulated: ??? (where I need help)
I have no idea how a bank makes this type of calculations.
Any help would really be appreciated.
Regards
Nic
I would like to build a simple replica of my online saving account but than in Excel.
The part I am confused is the interest calculation.
The account is an open account, I can deposit and withdraw anytime I want.
The interests are payed once a year and the cool think about the online bank is that they always show you
every time you log in, how much interest you have accumulated to that date, This is what I like to replicate.
So the file will have the following columns:
A: Date
B: Deposit/Withdraw
C: Amount
D: Balance
C: Interest provided by bank: 1.5% (generally fixed but could change based on economy)
E: Interest accumulated: ??? (where I need help)
I have no idea how a bank makes this type of calculations.
Any help would really be appreciated.
Regards
Nic
