[archive] Interest Calculation Formula for Loans
[Migrated content. Thread originally posted on 05 May 2008]Not sure if anyone will know the answer, but I need to know what the formula would be to calculate the interest on a loan using 365/365 and 365/360 methods.
The Loan amount is 100,000.00
Interest Rate is 6%
I currently have a program that will calculate the interest based on 12 months in year, but I need to make updates to that program to handle the 365/365 and 365/360 calculations and I can't seem to figure out how to do it.
Any help would be greatly appreciated.