HELP ME WITH FORMULAS PLEASE?

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svdwest
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- May 2, 2013 at 06:33 AM
svdwest
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- May 8, 2013 at 03:00 AM
Hi all,

I need a set of 3 to 4 formulas which would show a monthly grow of accrued interest on each of the new amounts eg:

formula 1:Month 1- 15000 x 0.034 = 510
15000 + 510 = 15510

Month 2 - 15510 x 0.034 = 527.34
15510 + 527.34 = 16037.34

Formula 2:Month 1 - 15000 x 0.034 = 510
15000 + (510 - 300) = 15210

Month 2 - 15210 x 0.034 = 517.14
15210 + (517.14 - 300) = 15427.14

Formula 3&4: This is difficult for me to show on numbers but I need to calculate according to the previous examples what the outcome would be after eg. 5 years(54 months) or ten years etc. as you can't just take one amount and multiply it.

So each month the main value increases but the interest stays the same and the interest is caculated on each increased main value.

CAN SOMEONE PLEASE HELP ME WITH THIS???

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svdwest
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May 2, 2013 at 06:41 AM
I meant 60 months :D
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rizvisa1
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May 4, 2013 at 11:23 AM
why cant you use compound interest formula ??
It seems to be thats what you are trying to do
https://support.microsoft.com/en-us/office/fv-function-2eef9f44-a084-4c61-bdd8-4fe4bb1b71b3?ui=en-us&rs=en-us&ad=us
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svdwest
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May 7, 2013 at 06:44 AM
I have found my mistake... at first I thought that the compound interest formula did not work, but because the monthly interest was 3.4% I used 3.4% and the formula automatically divided the 3.4% by 12 and ended up not giving the results estimated... so I multiplied it by twelve and PRESTO!!! Guess we all make mistakes...:) But thank you for your input in the matter, it's most appreciated :D
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rizvisa1
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May 7, 2013 at 08:48 PM
your feedback is equally, if not more, appreciated,
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svdwest
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May 8, 2013 at 03:00 AM
;)
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