Answer:
Explanation:
Divide your annual interest rate (decimal) by 12 and then add one to it.
Raise the resulting figure to the power of the number of years multiplied by 12.
Multiply your step 2 result by your principal balance (P).
Deduct the principal balance from your step 3 result if you want just the interest.
As a formula, it looks like this:
A = P(1 + r/12)^12t