6 Month Automatic Interest Rate Increase Formula

jerojora

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[h=2][/h]
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
 

Ken Puls

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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
 
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