30/360 simple interest calculation in numbers spreadsheet
how do I calculate 30/360 simple interest on a numbers spreadsheet
MacBook Pro (M2 Pro, 2023)
IPMT calculates the interest for each period. Divide the annual interest rate by 12 (which is 30/360) for use in the function. Number of Periods will be the length of the loan in years multiplied by 12. Present Value is the amount of the loan. Future value is 0. The last term is whether the payment is due at the beginning or end of each period. If your first payment is due a month into the loan, not immediately, then it is end of period. You can leave this parameter off if that's the case. The function result will be a negative number so you might want to multiply it by -1.