HELP ME WITH FORMULAS PLEASE?Solved/Closed

Question

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???

svdwest · Answer

I meant 60 months :D

rizvisa1 · Answer

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

svdwest · Answer

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

HELP ME WITH FORMULAS PLEASE?

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