Hello,
What would be the formula to automatically increase the interest rate every 6 months by lets say 4%? Simple not compound interest.
So basically every 6 months I need the interest rate to automatically increase the payment by 4% but only on each 6 month anniversary date (4%, 8%, 12% 16%)...
I have used this formula below with success for automatic monthly ("m") and yearly ("y") interest rate and payment increases. The formula below is for yearly 4% increases, but I can't figure out how to change it to 6 month intervals.
=A1*(1+DATEDIF(A2,TODAY(),"y")*0.04)
Thank You For Your Time
DATEDIF doesn't work for anything other than D, M, or Y.
How precise do you need it to be? If it's "not extremely", you could use =A1*(1+ROUNDDOWN((TODAY()-A2)/182.5,0))*0.04
Ken Puls, FCPA, FCMA, MS MVP
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