I am trying to have the following variables input:
Starting balance
APR (compounded daily)
Amount of monthly withdrawel.
Term
I want to compute the ending balance.
Can anyone help please?
Thanks in advance.
There's really no easy way to do it in Access. You will either have to use the full mathmatical formula in an expression, or you can set up an Excel worksheet to import/link the data and setup a cell to do the calculation with a formula. I can't remember the full math formula, so for that you'll either have to pull out some old text books, or find it online (that sholdn't be too hard).
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Thanks for the response. So far I have been unable to locate a formula, even for excel, that would allow for the monthly withdrawels. And now, I know, I am getting off topic for this forum. Sorry
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If you are searching for EMI
EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.
EMI Formula : l x r [(1+r)n /(1+r)n-1 ] x 1/12
l = loan amount
r = rate of interest
n = term of the loan
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