Below is the compound interest formula on how to calculate compound interest. Youll need to convert from percentage to decimal format to complete these steps. Monthly Compound Interest Formula P 1 R 1212t P.
Similarly 15 interest is entered as 15 not 15.
To calculate compound interest monthly simply set the compounding frequency setting on the calculator above to monthly Alternatively you can use the formula above and set n equal to 1 and t equal to 12 to find out how much money youll have if interest is compounded monthly for a year. For daily compounding most organizations use 360 or 365. Youll need to convert from percentage to decimal format to complete these steps. Assume you have an APY or APR of 10.