For actual/360, the annual rate is converted to a daily rate based on 360 days per year. In the US, that is annualRate/360. In the EU, I believe that is (1+annualRate)^(1/360)-1.
Then the periodic interest between Date1 and Date2 is (Date2-Date1)*dailyRate. The accrued interest is simply the sum of the periodic interest.
Note: I prefer not to round interest calculations.
If you truly mean 360/365, the annual rate would be converted to a daily rate based on 365 days per year: either annualRate/365, or (1+annualRate)^(1/365)-1.
And perhaps the periodic interest would be (360/frequency)*dailyRate, where "frequency" is the number of periods per year. For example, for monthly periods, the periodic interest would be 30*dailyRate (30 = 360/12).
(But 30/360 is more common for that purpose. That is, the annual rate is based on 360 days per year, and each month is presumed to have 30 days.)
For a specific formula, you will need to provide more information, namely what columns and rows contain what values in the amortization table.
Preferably, you can upload an example Excel file (devoid of any private data) that demonstrates the problem to a file-sharing website.
Then post the "shared", "public" or "view-only" link (aka URL; http://...) in a response here. The following is a list of some free file-sharing websites; or use your own.
Box.Net: http://www.box.net/files
Windows Live Skydrive: http://skydrive.live.com
MediaFire: http://www.mediafire.com
FileFactory: http://www.filefactory.com
FileSavr: http://www.filesavr.com
RapidShare: http://www.rapidshare.com
1 person found this reply helpful
·
Was this reply helpful?
Sorry this didn't help.
Great! Thanks for your feedback.
How satisfied are you with this reply?
Thanks for your feedback, it helps us improve the site.