Help decipher this formula, please

Please help me understand the exponential portion of this formula. This is essentially a formula that is calculating interest and I don't understand why it is written the way it is: =E16+E16*((1+E$14)^(36/360)-1)
E16 = principal amount, for example, $1,800,000
E14 = interest rate, say 17%
Assumes a 360-day year, which I understand (same as the bank).

With these values, the result is $1,828,484, implying interest is $28,484 for the 36-day period.
Conversely, if I merely use ($1,800,000*.17)/360*36, I get $30,600.
Please help me understand the complicated formula and what it is trying to do. Thanks in advance.

Hello,

It does this bit first ((1+E$14)^(36/360)-1)
This gives: 0.015824273

Then this bit E16*(0.015824273)
This gives: 28484

Then this bit E16 + 28484
This gives: 1828484

I think its calculating the Compound Interest (Im not really sure)