Loan Calculation

[billclory]

Hi, first of all sorry for my bad English.

I really need this Loan Calculation formula, because Im being doing this all day long.,
Really appreciate those who master on Loan, accounting or Math can solve my problem.

I attached the result of Loan Calculation .
How this result works is, you borrow $1000 for 1 year and the Interest is 8%, this is for 1 year term repayment. But if you borrow $1000 for 2 year term the interest will be double = 16%.
So if you have 3 year term then the interest will be triple.

How am I going to get this type of result by with formula.?
Thank you for you help.

 

[kirby]

Problem is caused by how you are thinking about the results.
Your formula uses 8% each year. So in two years you earn 8% plus 8% = 16% and not 8%.