the use of excel wasn't necessary, but i used it to help determine the start date of the loan and the end date of the loan, without my having to do calendar arithmetic.
the start date of the loan is friday, july 5, 2019.
the end date of the loan is sunday, october 13, 2019.
the amount owed on the loan can be calculated by the following simple interest formula.
f = p * (1 + r * n)
f is the future value of the loan.
this is what you owe at the end of the loan period.
p is the present value of the loan.
this is what you borrowed.
r is the interest rate of the loan per time period.
since the time period is in days, the interest rate on the loan is the interest rate per day which is the interest rate per year / the number of days in the year.
on these types of loans, the number of days in the year is normally assumed to be 365, although it can be something else, like 360 days.
you would have to check with your bank to see what they assume.
i assumed 365 days in the year.
therefore, i calculated the daily interest to be equal to .1/365.
the number of time periods is the number of days.
therefore, n = 100 in this problem.
the formula becomes f = 900 * (1 + .10/365 * 100) = 924.6575342 dollars.
this is normally rounded to the nearest penny to be equal to $924.66
your answer should be that you owe $924.66 in 100 days and that the money is due on sunday, october 13, 2019.
you could calculate the end of the loan date manually, but i used excel because it was easier.
n = the number of days
the term of the loan is in calendar days, not working days.
this is standard procedure.
this loan just happens to terminate on a sunday.
i don't know what the bank procedure is on this, but i would assume you have a grace period because the bank isn't open on sunday.
this, however, i don't really know anything about since i don't work for a bank.
perhaps the banker's loan calculator you mentioned would tell you otherwise.
if you know what the internet address for the bank loan calculator you mentioned is, then send it to me and i'll see how it works.
hopefully it will confirm what i told you within a reasonable value and time period.
if all else fails, check with your local bank on their procedures for short term loans and use the information they provide you.
my assumed solution is.
you owe $924.66 on sunday, october 13, 2019, probably payable on monday, october 14, 2019.
here's what the excel calculations look like.
i showed the first few days and the last few days.
i did not show any days in between.
because this is a simple interest loan, the interest is calculated off the original value of the loan.
the remaining balance is the original principal of the loan plust the interest that is accrued each from the original principal of the loan.