how to work out compound interest

[maginoodle]

Hi all, i am hopeing someone knows how to work out compound interest. I can find out how to work it out on a yearly basis, but i need to know how to work it out on a monthly basis.
I need to know this for tax time. What i need to do is say i have $100,000 borrowed and that i am paying 9% coumpounded daily. How much will that be for 30 days? I need a formula or online calculator as the principal amount varies from month to month as i pay it off and also the days in the month vary.
I have been searching on and off for a while now and i can only find calculators that do it on a yearly basis.

Any help appreciated.

Cheers Shane

[greenacc]

man thats a PITA ey.
If all the months have the same number of days then you just divide the annual rate by 12 to get the monthly rate ( for the first month ) then go on from there.
Won't your bank give you a statement for the whole years interest ? Have you got a scientific or financial calculator like what everyine uses in high school / uni ?

[slutvs]

im in yr 12, the formula is A=P(1+r)n . the "n" at the end is to the power of.
so if you wanna find A, for example if you had $10 000 and it was getting compunded monthly for year at 8% per month the formula would be A=10 000 x (1+0.08)12
as i said before the 12 on the end is like a "to the power of" of number od periods. hope this helps!

[vr94ss]

im in yr 12, the formula is A=P(1+r)n . the "n" at the end is to the power of.
so if you wanna find A, for example if you had $10 000 and it was getting compunded monthly for year at 8% per month the formula would be A=10 000 x (1+0.08)12
as i said before the 12 on the end is like a "to the power of" of number od periods. hope this helps!

I think that was very well explained. Good to see some people still learning shit in school. Congrats!

Edit: If you googled it you failed and no congrats Hedging my bets but I hope you just know it and remember things like this..

[m1lky]

Even though you have a formula Www.sorted.org.nz

Has calculators for most things money. Def has it for savings and debt