Calculating Daily Interest

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I don’t work with Excel a lot, so there’s probably an easy answer, or a template out there for this, but I’m not sure even where to look.

I work in a law office and we sometimes collect past due accounts for our business clients. Sometimes we end up in situations where the debtor comes to our office and makes monthly payments until the debt is paid. Our clients are entitled to interest on the unpaid balance from payment to payment, so that if a payment is made 8/11/2009, reducing the balance to, for example, $10,286.39 and the next payment is not received until 9/15/2009, the interest will be calculated on the $10, 286.39 for 35 days (not a 30 day month).

Can someone tell me how to do this or point me to a template that does it.

Thanks.

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I don’t work with Excel a lot, so there’s probably an easy answer, or a template out there for this, but I’m not sure even where to look.

I work in a law office and we sometimes collect past due accounts for our business clients. Sometimes we end up in situations where the debtor comes to our office and makes monthly payments until the debt is paid. Our clients are entitled to interest on the unpaid balance from payment to payment, so that if a payment is made 8/11/2009, reducing the balance to, for example, $10,286.39 and the next payment is not received until 9/15/2009, the interest will be calculated on the $10, 286.39 for 35 days (not a 30 day month).

Can someone tell me how to do this or point me to a template that does it.

Thanks.

The attached file gives a working example.

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