simpint_simple_interest_.htm
| Navigation: Templates > Guide to all Templates > Additional Libraries and Templates > Finance Library >====== SIMPINT (simple interest) ====== |    |
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 by 127.0.0.1