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What is the excell formula to calculate interest rate
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I need to create a fomula in excell that will give me the dollar amount of interest added monthly based on a monthly interest rate
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If average balance in the first month is $A and the monthly interest rate is m% then the balance at the end of the month including interest will be :
A * (100+m)/100
The interest will be A*m/100
So if average balance is $100 and monthly interest is 1% then interest in month will be 100*1/100=$1
Next month the interest will be 1% of the new balance of 101 so it will be 101*1/100=$1.01
A * (100+m)/100
The interest will be A*m/100
So if average balance is $100 and monthly interest is 1% then interest in month will be 100*1/100=$1
Next month the interest will be 1% of the new balance of 101 so it will be 101*1/100=$1.01
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