For monthly compounded to calculate the interest which is compounded all month in the whole year. Note that the carat indicates that youre raising a number to the power indicated after the carat. Using formula 1 the interest you pay on your first monthly payment is 10000 610012150.
Divide your interest rate by 12 to calculate your monthly interest rate.
Keep the formula cell F6 selected and drag its AutoFill handle down to the cells you will apply this formula. To accomplish this divide your APR by 12 the number of months in a year. Per required - the period for which you want to calculate the interest. Using formula 1 the interest you pay on your first monthly payment is 10000 610012150.