When your savings plans pays interest 365 days in a year and you make monthly deposits, use the NOMINAL and EFFECT functions first before using the FV function to calculate what the savings plan will be worth at maturity.
How do you calculate Future Value when you make monthly deposits but daily interest is paid? Use the NOMINAL and EFFECT functions first before using the FV function!
Nominal Rate APR Rate Annual Percentage Rate Effective Annual Rate.
In This Series learn 17 amazing Finance Tricks. Learn about the PMT, PV, FV, NPER, RATE, SLN, DB, EFFECT, NOMINAL, NPV, XNPV, and the CUMIPMT functions that can make your financing tasks much easier in Excel. See how to use the PMT function in the standard way, but also see how to use it while incorporating a Balloon payment or a delayed payment. Lean how to translate a Nominal interest rate into an Effective Interest rate. Learn how to calculate how long it takes to pay off a credit card balance. Lean how to calculate the Effect Rate on a Payday loan. And many more financing Tricks!!
The Excel Finance Tricks 1-17 will show an assortment of Excel Financing Tricks!
Formula
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