Im trying to calculate how much I would have to pay for my student loans after 1 year, 2 years and 3 years.

My loan is 10000 and the interest rate is 6.8%

I know that after the first month I would basically do: and that would be equal to 55.89

That means my interest for the month was 55.89 so my new balance is 10055.89

Then, for the second month the equation will now be: and that would be equal to 56.20

That means my interest for the month was 56.20 and my new balance is now 10112.09

I know this is compound interest but not sure how to calculate it after 1 year, 2 years, etc...I was told to use:

where t is the number of years, my question is why?? why is 0.68 divided by 12? and would it be correct to use this formula??

1000 0.06% "35") + 30 0.068. 10055.89( 365)+ 30