Interest Calculation

[Dreamscheme78]

Hi!
I need help with a formula to calculate interest for the following scenario:
Over the course of 2 years I will borrow $200,000 each month at 6% apr. What will be the total interest paid if all loans are paid back at the end of the 2 years?
I’m more interested in the formula for this kind of problem than the answer.
Thanks in advance,
J

 

[BigBeachBanana]

Hi!
I need help with a formula to calculate interest for the following scenario:
Over the course of 2 years I will borrow $200,000 each month at 6% apr. What will be the total interest paid if all loans are paid back at the end of the 2 years?
I’m more interested in the formula for this kind of problem than the answer.
Thanks in advance,
J

To clarify you're borrowing a total of 200k and repaying at 6% APR monthly for 2 years; OR you are borrowing 200k each month for 2 years i.e 200k*24months = 4.8M?

 

[blamocur]

Another question: is interest compounded monthly (as is customary with most loans/mortgages in the US) ?