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What Excel function to use to calculate the return or interest rate on a savings account?
I'm getting confused by Excel's various different financial functions. Which one would I use to answer the following two questions and how?
Suppose that on October 1st, 2012 I open a savings account ...
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vote
1answer
107 views
How can I make Excel handle fractions like Quickbooks?
When you have a fraction in Excel like 1.085 rounded to two decimals = 1.09.
In Excel if you add a series of these fractions with displayed two decimals of precision you are really adding 1.085 and ...
3
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2answers
221 views
Calculating Future and Present value into mortgage comparisons
I'm looking to buy a home in the next 3 or 4 months. The bank I'm working with has 10 different mortgage rates, currently ranging from 3.5% to 4.625%, with points respectively ranging from 2.875 to ...
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2answers
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Daily interest calculation combined with monthly compounding: Why do banks do this, and how-to in Excel?
I often see banks advertise (for accounts with fixed yearly interest, let's say 1.5%) – "interested is calculated daily, and compounded monthly".
I have 2 questions:
Why are they calculating ...
