Monthly Compound Interest Calculator is a free online tool that displays the monthly compound interest for the given principal amount. BYJU’S online monthly compound interest calculator tool makes the calculation faster and it displays the interest in a fraction of seconds.
How to Use the Monthly Compound Interest Calculator?
The procedure to use the monthly compound interest calculator is as follows:
Step 1: Enter the principal amount, annual interest rate and the time period in the respective input field
Step 2: Now click the button “Calculate” to get the interest amount
Step 3: Finally, the monthly compound interest will be displayed in the output field
What is Meant by Monthly Compound Interest?
In mathematics, the interest for the loan/principal amount can be calculated in two different ways. They are simple interests and compound interests. In monthly compound interest, the interest rate is added back to the principal amount. In this case, the interest gained on the previously accumulated interest for the next compounding period. The formula to calculate monthly compound interest is given by