# HELP ME WITH FORMULAS PLEASE?

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svdwest Posts 4 Registration date Thursday May 2, 2013 Status Member Last seen May 8, 2013 - May 2, 2013 at 06:33 AM
svdwest Posts 4 Registration date Thursday May 2, 2013 Status Member Last seen May 8, 2013 - 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.

## 3 responses

svdwest Posts 4 Registration date Thursday May 2, 2013 Status Member Last seen May 8, 2013
May 2, 2013 at 06:41 AM
I meant 60 months :D
rizvisa1 Posts 4478 Registration date Thursday January 28, 2010 Status Contributor Last seen May 5, 2022 766
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