I want to set up a spreadsheet for a loan I have made. I know how to create simple formulas but wondered if there is a way to do:
$4000 x 5% =annual interest, divided by 365 (days in a year) = per diem x days since last payment = interest for the payment period. Payment amount - interest = principle and principle - from $4000 = new balance.
I have managed to come up with about 5 formulas that will do each piece but wondered if there is a more complicated formula that will handle all that at once. Also wondered how to get my spreadsheet to continue figuring these formulas down the columns without me having to enter them over and over. Remember I am not very computer literate.
I know how to figure all this by hand because of the land contracts we used to hand figure BC (before computers) at the bank, but I would rather let the computer do it if possible. I can't use an amortization schedule because the payment times will vary and so will the amounts. I looked around for a free template but the ones I found were set up with set payment periods and payment amounts.
