Build-in formula in calc for simple interest calculation (in days)

Hi,
is there a build-in formula to calculate interests based on an annual interest rate but for a time period less then a year.
Like the formula
a1 = (P) principal
a2 = (r) interest rate
a3 = (t) time period ‘r’ paid for in days

n = (P * r/365) * t

Note: A predefined formula would make the sheet easier to read and to update.
Thanks

Search Help for Financial Function, Financial Functions Part One

Maybe ACCRINTM is what you are looking for

It seems to me that the suggested func is 'almost; the solution.
However there are some differences between the values calculated by accrintm() and my manual formula.
I’ll attach a spreadsheet with some sample calculation (incl formulas)
Perhaps there is an explanation for the differences.
InterestCalc.ods (15.1 KB)

Maybe it is because you added an extra day in column C?

thats one reason for the difference …

…the other reason is that “ACCRINTM” should follow the same rules of calculation as your manual calculation. therefore you should change the 5th. Argument of »ACCRINTM« from 1 to 3

Yes, that are the two variables that influencing the outcome.
Changed 5th parameter in accrintm() from 1 to 3 and recalculated the number of days (‘end’ - ‘start’) and then the results are the same.
Remains the questions whether the interest calculation should include the ‘start date’ or should start only on the following day. I’m currently not sure what the official ‘bank rules’ are.

Otherwise I would say the problem is solved.
Thanks folks.

I do know that if I take out a mortgage at 5 pm on a Monday then I pay interest for that entire Monday from midnight.
I am pretty sure that if I make a deposit at 5 am on a Monday I only get interest from the first full day the deposit is there, i.e. Tuesday
Different countries may have different laws but banks will always want to tip the scales their way.

And in Germany law is only protecting end-user/citizen. A company is free to negotiate/sign other contracts. So you really have to read the fine print in the contract.