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how to calculate daily interest compounded monthly. Below is the compound interest formula on how to calculate compound interest. Monthly compounding is calculated by principal amount multiplied by one plus rate of interest divided by a number of periods whole raise to the power of the number of periods and that whole is subtracted from the principal amount which gives the interest amount.
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A the future value of the investment. The first part of the equation calculates compounded monthly interest. A the future value of the investment.
You can calculate based on daily monthly or yearly compounding.
To calculate a monthly interest rate divide the annual rate by 12 to reflect the 12 months in the year. The second month the bank will do the same. A P 1 rn nt Where. P the principal investment amount.
