I am trying to create an equation that will increase an amount due on a loan base on the amount of time that has passed.
For example, a new loan, if paid within the first 6 months, has an interest rate of 40%. If it takes a person 7-12 months to pay back the loan, the interest goes up to 60%, 13-15 months 80%, etc etc.
I have attached a table as reference.
How can I calculate the Payout amount of a loan to increase based on the time passed since the original loan was taken out?
Thanks
Jason
Hi,
If for your purposes a month is four weeks then you can use formulas and conditional fields to get there. Like this ( Jul 1 + 4 weeks = Jul 29) Create a field for todays date and update it each day with a task. Subtract one from the other and set conditional values (column headers) based on the results.
But if you want Jul 1 + 1 (mo) to equal Aug 1 regardless of how many days are in the month then the only way I've found to do this is to create a table of dates and equations in another object and connect them upon the creation of a record via API call then use the connected object's fields via formulas to get the resulting value I need (in a date format)
If someone has a better way I'd be glad to know it.
