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Starting with $500 in your account, how much will you have in 10 months if you deposit $200 a month at 1.5% interest? Using the function FV(rate,NPER,PMT,PV) =FV(1.5%/12,10,-200,-500)
3 Μαΐ 2023 · See how to use RATE function in Excel to find monthly, quarterly or annual rate on a loan or saving account and how to create a universal interest rate calculator in a worksheet.
Estimate the interest earned in your savings account. Include regular monthly deposits and/or an annual deposit. This simple to use Excel spreadsheet includes a table showing the interest earned each year.
30 Οκτ 2022 · A common example where this formula is needed is for a savings account where the interest is compounded daily but deposits are only made monthly. To approximate what the bank is doing, you can use n =365 (Compound Frequency = Daily) and p =12 (Payment Frequency = Monthly).
The formula for calculating monthly interest rate in Excel is: =RATE (nper, pmt, pv, [fv], [type], [guess]) B. Explain the variables involved in the formula. Principal amount: This is the initial amount of money that is invested or borrowed. Interest rate: This is the annual interest rate expressed as a percentage.
Learn how to calculate compound interest in Excel using the general formula and the FV function. Understand the concept and calculations of compound interest.
