>>>Maybe. For example, if I invest $1000 at .08 percent, I get $1080.00
>>>
>>>Is this formula correct?
>>>
>>>

>>>CLEAR
>>>
>>>LOCAL nAmount, nPercent, nTotalMonths, nEarning, nTotVal
>>>
>>>nAmount      = 1000
>>>nPercent     = .08
>>>nTotalMonths = 12
>>>nEarning     = 0
>>>nTotVal      = 0
>>>
>>>FOR nMonth = 1 TO nTotalMonths
>>>
>>>  nEarning = nAmount * nPercent
>>>  nTotVal = nAmount + nEarning
>>>
>>>ENDFOR
>>>
>>>? nTotVal
>>>

>>>
>>>Correct?
>>>
>>
>>It depends on what is the "percent" you are talking about. There are simple interest, compound interest (which depends on the period when the base amount is recalculated), APY, etc...
>>
>>In your example you use the compound interest where the base amount is recalculated ones per month.
>
>No he doesn't, because he's calculating nEarning from the original nAmount, not from nTotVal. And that's all the difference.

Agree. It is simple interest compounded monthly.