I'm trying to calculate compound interest of a principle amount with monthly contributions. I can't seem to figure out why my calculation aren't working. Any suggestion would be appreciated thanks.
//Add Data to the Arrays
while (i <= years) {
nums.push(i + " Years");
let newAmount = (principle * Math.pow(1 + (convertRate / frequency), frequency * i)) + ((mContribute * Math.pow(1 + (convertRate / frequency), frequency * i)) - 1) / (convertRate / frequency);
let contributionBalance = principle + mContribute;
let formatNum = newAmount.toFixed(2);
balance.push(formatNum);
contributions.push(contributionBalance);
i++;
}