Inventor

Shawgat Amin

Shawgat Amin
Interest Rate Calculator for monthly payment based account:

Normal PMT financial formulla in Microsoft Excel assums 30 calender days in a month. However, banks calculate interest based on actual calender day.

There is no formula to forecast going forward interest rate that would result in specific closing balance (after regular deduction of excise duty and tax). For this, an excel simulation model was developed which can calculate exact interest rate needed to derive the specific closing balance on maturity.