IF() formulas to calculate semi-monthly periods

Semi-monthly payments involve a more complex use of the IF() formula, and you will need to think about how to use the IF() formula! Remember that the IF() function takes a condition (like if EOMONTH() equals a cell value), then if it matches provides the first value. Otherwise, it provides the second value.

Remember; if the function =EOMONTH(start_date, 0) equals the last payment made, then the last payment made was on the last day of the month. In this case, you can add 15 days to the last payment for a mid-month installment.

Otherwise, you can use the =EOMONTH(start_date,0) to provide the last date of a month where a mid-month installment has already been paid.