I have used court calculators in the past to calculate the amount of interest (simple) owed, to-date, on a judgment but have been tasked with something I am unaware how to solve. My best best was to figure out an Xcel formula in hopes of simplifying my life.
Judgment was awarded on December 22, 2018, the current amount owed as of today is $32,920.49, with an annual interest rate of 4%. The daily interest on the judgment is $3.61. What is tricky is that the debtor wants to make payments at the end of each month. Interest will continue to accrue until the judgment is paid.
My question: is there a formula that can deduct the payments (sometimes $1,000, could be more) from the principal amount of the judgment, and have the daily interest applied to the calculation?
Cells: A1 Judgment Date; B1 Judgment Amount; C1 Annual Interest Rate; D1 Daily Interest Rate; E1 Payments Made; F1 Amount Due
Thank you for ANY advice on this matter!
Judgment was awarded on December 22, 2018, the current amount owed as of today is $32,920.49, with an annual interest rate of 4%. The daily interest on the judgment is $3.61. What is tricky is that the debtor wants to make payments at the end of each month. Interest will continue to accrue until the judgment is paid.
My question: is there a formula that can deduct the payments (sometimes $1,000, could be more) from the principal amount of the judgment, and have the daily interest applied to the calculation?
Cells: A1 Judgment Date; B1 Judgment Amount; C1 Annual Interest Rate; D1 Daily Interest Rate; E1 Payments Made; F1 Amount Due
Thank you for ANY advice on this matter!