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how do you calculate interest compounded monthly. For monthly compounding the periodic interest rate is simply the annual rate divided by 12 because there are 12 months or periods during the year. Using the compound interest formula calculate principal plus interest or principal or rate or time.
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Enter the number of periods you would like the compound interest calculator to compound over Days Months Years. This means that your interest is being compounded annually at 6. Since the interest is compounded monthly you can take n as 12.
You could use the simple interest formula to calculate monthly interest if you have an interest-only loan.
This formula looks more. For example ½ of the year would be entered as 6 months and 35 months would be entered as 105 days. This means that your interest is being compounded annually at 6. Beginning Value x 1 interest rate number of compounding periods per year years x number of compounding periods per year Future Value.
