Variable Rate Loan Calculator Why Does The Bank's Interest Rate Differ From The Normal Compound Interest Formula FV=PV(1+i)^n ?

Why does the bank's interest rate differ from the normal compound interest formula FV=PV(1+i)^n ? - variable rate loan calculator

Taking into account the following variables:

Home: $ 5000
Interest rate: 16% per year
Loan Duration: 1 years

Monthly payment of compound interest formula FV = PV (1 + i) ^ n (FV = future value, PV = principal, i = interest rate n = number of periods) is $ 483.30 per month.

But when I use the computer of the bank:

http://www.commbank.com.au/tools/pl_calculators/aspcalculator/repayments.asp

Who said that the loan will be $ 453.65.

Also, when I look at the monthly payments at $ 483.33 rate for Microsoft Excel () as follows:

Price = (12-G6, B6) * 12

I get an interest rate of 28%

Please can someone explain how the bank is different from the formula and how to get an interest rate of a bank to calculate?