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simpint_simple_interest_.htm
Navigation:  Templates > Guide to all Templates > Additional Libraries and Templates > Finance Library >====== SIMPINT (simple interest) ====== Previous pageReturn to chapter overviewNext page

SIMPINT(principal,rate)

SIMPINT Returns simple (uncompounded) interest.
principal A numeric constant or variable containing the beginning balance, initial deposit, or loan.
rate A numeric constant or variable containing the simple or contract interest rate.

SIMPINT determines an interest amount based solely on a given amount (principal) and the simple interest rate (rate). The amount returned ONLY reflects interest earned.

Return Data Type:     DECIMAL

Internal Formulas:

SIMPLE INTEREST = principal * rate

Example:

PeriodicRate = AnnualInterestRate / (PeriodsPerYear * 100) !Set up variables

ActualRate = PeriodicRate * TotalPeriods

SimpleInterestAmount = SIMPINT(Principal,ActualRate)    !Call SIMPINT

SimpleInterestAmount += Principal              !Add in principal

simpint_simple_interest_.htm.txt · Last modified: 2021/04/15 15:57 (external edit)