# 360 Day Interest Calculation Excel

This simple interest calculator calculates interest between any two dates. Per Dictionary.com simple interest is "interest payable only on the principal". Interest is never earned or collected on previous interest. Because this calculator is date sensitive, it is a suitable tool for calculating simple interest owed on any debt when the debtor has not made payments or from a point in time when.

For both 30/360 and actual/360, the daily interest rate is the annualRate/360. For 30/360, each month is considered to be 30 days. Thus, the monthly interest rate for on-time payments is annualRate*30/360, which is the same as annualRate/12. The regular monthly payment can be computed by: roundup(pmt(annualRate/12, termInMonths, -loanAmount), 2)

"Suppose the interest rate on the loan is 6%. The lender pretends there are 360 days in a year when calculating the daily interest rate (6% / 360 > 6% / 365), then charges interest on 365 days (366 during a leap year). In using the 365/360 method on a loan with a rate of 6%, the lender will actua

Interest rate. Interest is calculated monthly at 1/365th of the annual rate times the number of days in the month on the current outstanding balance of your loan. If you have a loan with a payment frequency of quarterly, semi-annually or annually interest will accrue monthly increasing your principal balance until the next regular payment is received.

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The standard method of calculating interest is 30/360. Interest is calculated assuming each month has 30 days and each year has 360 days. To calculate monthly interest, you simply divide the annual interest rate by 12 (the number of months in a year) and multiply that by the outstanding principal balance.

The Actual/360 method calls for the borrower for the actual number of days in a month. This effectively means that the borrower is paying interest for 5 or 6 additional days a year as compared to the 30/360 day count convention. Spreads and rates on Actual/360 transactions are typically lower, e.g., 9 basis points.

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