I am trying to create a function that will allow for the calculation of compounded interest per pay period of multiple student loans, with varying interest rates and principle balances, to determine which loans to pay off per given pay-period (fastest accruement); as well, as the incorporation of historical payments, which will allow for a running tally over time for targeted cost-savings, with a basis of interest accruement.
iPhone 11, iOS 13
First, create a spreadsheet...
Then input individual specifics.
For daily interest rate, use “interest rate / 365”
For days, use “Current date - Start Date”...
...these need to be adjusted for each payment. I just input new amount each time after payment, log payment dates (top picture, bottom cells) and use the most recent payment date for that specific cell...
For current balance, use the function: 'Balance - Start×((1+Daily Interest Rate)^Days)’
Lastly, for daily interest, use...
You can sum it up under functions and select all the cells under “Balance - Current” for a total amount owed.
P.S. - I know that this is a bucket load of loans...wish you all the best with yours.
Hello StudentFinanace and welcome to Apple Support Communities.
I see you have questions about tallying interest accrual using the Numbers app on an iPhone.
Numbers User Guide for iPhone - Apple Support
Specifically, you'll find info on using formulas and functions here.
Use the formula keyboard in Numbers on iPhone - Apple Support
"Add a function: If you know which function you want to enter, start typing it, then tap one of the suggestions that appears.
If you’re not sure which function you need, tap the Functions button to open the Functions Browser, tap Categories at the bottom of the Functions Browser, then tap a function category. Tap a function to insert it in the formula editor (swipe up and down to see the available functions).To learn more about any function, tap the Info button next to it. (The first time you tap the Info button, it might take a few seconds to display the information.)"
You can find a full list of the functions available in Numbers here:
Numbers - Function list - Apple
Cheers.
Thank you for this information, it was very helpful!
I was also wondering if the Numbers Application allows for the selection of rounding? Specifically, for calculations with significant numbers?
I look forward to hearing from you!
Hi StudentFinanace.
Format dates, currency, and more in Numbers on Mac - Apple Support
You can format things like how many post-decimal numerals appear on a per-cell basis.
Cheers.
Dude, it's pretty complicated and it seems to me that you should not spend time on this. In addition, I believe that no one will take a few student loans. I will give you one example. My brother is a university student and he decided to get a loan from Blue Finance after reading reviews at https://foxycredit.com/fi/blue-finance-laina. He pays 350 euros a month and he has about 5 months left until the end of the loan and he is very glad that he will soon be able to pay the whole amount. Even one loan is very difficult, not to mention a few ...
Numbers App - Loan Interest Accumulation
