Im after some help for an assignment im doing.
While it may not be the most effective way to work it out, it's what i'm required to do.
I have to calculate interest on a loan amount where the interest rate varies between each level of $$ borrowed. Similar to how tax is calculated.
I have done this for my nested if statement, but the second question is how to do it using a vlookup.
My tutor told me I will be using if statements inside it.
$0-$12,000 borrowed is 5%. $12,001-$45,000 is 7.5%, $45,000-$80,000 is 8% and above $80,000 is 8.5%
My if statement is as follows: Referencing back to Cell B8
=IF(B8<12000,B8*0.05,IF(B8<45000,(B8-12000)*0.075+(12000*0.05),IF(B8<80000,((B8-45000)*0.08)+((45000-12000)*0.075)+(12000*0.05),IF(B8>=80000,((B8-80000)*0.085)+((80000-45000)*0.08)+((45000-12000)*0.075)+(12000*0.05),0))))
This works very well.
But how on earth do i get this into a table with only the % showing?
Thanks in advance for any help.
(I am also interested in the best way to do this for future referance too)
