Excel probs - my 8% is not 8%!

[strapt]

has anyone had any problems with the excel template's calculations of 8% or is there something Ive missed maybe? Im just preparing my excel spreadsheet to include the 8% before i start my MCOL and have noticed that the figure the template calculates is more like 15%. i checked one of my old excel docs from a previous claim with Cap One that went to the MCOL stage and that figure was coming outincorrectly too. I was guessing that I had an error with my ecxel setup so stared a feresh excel using a new template and even the first figure i typed in was clearly not 8% of what I was calculating. Am I going mad or is there something Im missing or messing up here? Any one had any similar probs? thanks!

[strapt]

I just tried downloading the excel sample template too and if you look at the calculations on the 8% calculation page it reads at the top Penalty: £1300.00 then 8% on penalties: £291.60. Clearly 291 is not 8% of 1300, is anyone out there able to explain this. I'm guessing I've missed something, probably quite obvious but I can't submit my MCOL with crazy figures on my spreadhseet that I don't understand before sending so need to check what this is all about with everyone. Hope someone can help! Thanks.

[ajjars]

Hi Strapt,

 

I think you need to change the formula on the spreadsheet. Had all sorts of trouble with the interest thing myself, but I used works ..... not sure about excell, don't use it myself. The 8% equates to 0.00022, this is what should be in the cell on your interest column if I am not mistaken. If it is wrong you need to change it then copy and paste it to the rest of the column (thats what I did anyway - not an expert tho!) Hope that helps!

[strapt]

Thanks for the reply ajjars, that sounds like good advice and the obvious thing to do, however I'm looking at the spreadsheet again thinking why would they library section give a template with the wrong formula in it and now one's noticed it so far... with this in mind (bear in mind I'm not spreadsheet expert either) I'm looking at the formulas attatched to the 8% calculation boxes and it has some maths in there that is attatched to the date boxes and there's also a division of 365 in there too. I'm now guessing that 8% is not just a fixed calculation which is how I was thinking, but added up over time too. This would certainly explain some of what I've found and also I doubt this calculation could be there by mistake. Is there someone else out there that can verify that we are not just slapping on a fixed 8% of our charges at the MCOL stage and are infact adding on a figure that is relative to how long the charges have been going on too? What do you think ajjars? Thanks again.

[ajjars]

Hmmmmm,

 

Out of my depth now regarding this ( see - I don't know me a**e from me elbow!!........ lol). Help anyone please??

[kingofscotland]

Yes indeed, thats 8% per annum.