% yearly formula

[S]

I am looking to work out a % increase (for rent) formula over a few years.

eg rent today is £40 per week currently
At 5% increase each year
What will rent be in say 10 years time?

Rather than a seperate post I also want to work out the interest on a loan
from say 7 years ago
£7500 at average say 5% per year
What interest was paid?

I assume this will be a similar formula but just change some figures?

thanks

 

[Bernard Liengme]

Q1 can be answered with the future value FV function (use 0 for PMT, and -40
for PV)
Q2 with the IPMT function

But Q1 can be done with simple math
Year 0 £40
Year 1 =last year plus 5% = £40(1+5%)
Year 2 = (£40(1+5%))(1+5%) = £40(1+5%)^2
and so on
At year 5 I get £51.05 which when I lived in UK was written as £51/1/0
best wishes