# Formula to calculate interest only on a short term loan?

## Formula to calculate interest only on a short term loan?

I am not familiar with Excel 2007 and need to calculate a bridge loan MONTHLY INTEREST ONLY scenario, with a fixed %rate, for a range of 1 -6 months. Not sure if if interest accrues daily or monthly.

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## Related Tutorials

### EXCEL 2007 Formula to calculate INTEREST only on a 3 month bridge

I am trying to calculate monthly INTEREST ONLY payment on a short term bridge/swing loan. Assuming an interest rate of 2.75%, paid monthly, Also assuming it will be required for a 3-6 month period, amount approx $500,00. Just switched to Excel 2007 but don't seem to be able to calculate using the formula builder. Not sure if it is compounded daily or monthly.

### interest only loan amortization schedule

Is there a way make an amortization schedule for an interest only

loan? It would compute the schedule from the loan amount, term of the loan, interest only period, and interest rate.

### Calculate Interest Paid w/ Additional Payments to Principle

I am trying to calculate the interest I would save if I were to pay an additional amount toward the principle of a loan, a certain amount of times a year, starting at a particular month in the loan term. For example,

Loan Amount = $100,00

Interest Rate = 6.375%

Loan Start Date = 12/1/03

Additional Payment = $100

Number of Times Per Year = 12

Add. Payment Start Date = 12/1/08

### loan amortizations worksheets

I know I have pulled up prepared loan amortization functions in excel where

you enter the loan amount interest rate term etc and it will calculate the

payments - I cannot find it now - can someone remind me how to find them

### Loan Interest Calculation in Excel

This might be more of a finance/math question but I'll post it and see what you think. I have never seen a lender issue a loan on a descending interest rate scale. In the attached, you'll see what I propose as a standard calculation and in the middle columns, you'll see what the lender has provided. Since it was a PDF, I had to hard code and then calculate the implied interest rate (Column O). The part that I don't understand is the loan is supposed to carry an interest rate of 9.75% but I can't calculate that - I get a weighted average of 9.23%.

To complicate the issue, there was a credit issued in December 2011 which is why you'll see the cells highlighted in yellow. One would think of this as a prepayment but I suppose the lender wants to maintain the original duration so they have elected to reset the payments.

## Related Applications & Scripts

### AffordaBilly: a simple interest loan calculator

AffordaBilly is a simple interest loan calculator, similar to "VeryInteresting" but focused on determining how large a loan the user can afford, given an interest rate and length of the loan in years. Users can choose monthly or bi-weekly payments. The results will show the maximum amount of a loan that the user can afford based on the monthly payment and interest rate. This is a very simple, yet nice educational tool for showing just how much only 1 or 2% interest can make a difference over the course of time. I think it's cool to have students calculate the loan they can afford with a monthly payment, then have them cut that in half and choose "Bi-Weekly". For example, over the course of a 30-year loan at 7% interest, a Bi-Weekly payment of 325 will let you afford about ,000, whereas a Monthly payment of 650 will only let you afford ,000. Take the interest from 7% to 8% over the same term, and you can only afford about ,000. And students wonder why they should care about interest rates and other math stuff? :-) AffordaBilly is a blatant ripoff of the VeryInteresting payment calculator, also available for download from this site.

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