5g: IntOnIntλ()
Description
Description
IntOnIntλ() stands for Interest on Interest. It calculates how much we need to borrow, in addition to principal, when we also need to borrow the interest. This is a common problem for project modelers who must calculate interest during construction (IDC). This is available in the Financial Starter Pack on Eloquens.Com.
Syntax
Syntax
IntOnIntλ( Principal, Rate)
Principals
(Required) Principal amount
Rate
(Required) Interest percentage rate. For years, APR. For months, APR/12
Example
Example
This example is similar to traditional methods like FAST, where all the "ingredients" are listed on the left in individual rows and the calculations are to the right under a timeline. This function works equally well in single cells, dynamic arrays, and table based modeling.
