From: "Marcus Fox" 
Newsgroups: uk.finance
Subject: Re: Calculating interest due using bank statement in Excel
Date: Thu, 23 Feb 2006 00:36:14 GMT


"Lobster"  wrote in message
news:Jb2Lf.59331$mf2.9742@newsfe6-win.ntli.net...
> I'm trying to work out whether it will be worth the aggro of changing my
> current account, due to the paltry amount of interest it pays compared
> with competitors.
>
> I'm therefore trying to estimate how much interest I would be paid based
> on my balance, which like most people's, varies dramatically depending
> on what time of the year or month it is.
>
> I keep my bank statements in Excel, so effectively that gives me a
> spreadsheet with 'date' in column 1, and balance in column 2.  I'm
> thinking it can't be that hard to come up with a formula which would
> generate the total interest earned over, say, a year, given an interest
> rate of X%; but given my rudimentary knowledge of Excel I'm not really
> sure where to start.  Any tips please?!

={Present_Value}*(1+{Interest_Rate})^{Number_of_Investment_Periods}

Simply replace the values in {} with your relevant figures. Since interest
is calculated daily, you could try dividing the APR by 365 and having the
number of investment periods as 365 for one year.

Marcus