Preheat oven to 350 degrees. Spray a bundt cake pan with nonstick cooking spray and set aside.

In a small saucepan over medium high heat, combine butter, brown sugar, cinnamon, and nutmeg and stir until the mixture is completely smooth.

Pour mixture evenly into the bottom of the cake pan and arrange apple slices on top.

In a large mixing bowl, whisk together flour, baking powder, salt, and cinnamon.

In a separate bowl, beat butter and sugar with electric mixer until smooth. Add vanilla, then eggs one at a time, beating well between additions.

Alternate adding the flour mixture and milk, mixing at low speed until all of it has been incorporated. Pour batter into the cake pan.

Bake for 35 to 40 minutes or until a toothpick inserted into the center of the cake comes out clean. Remove from the oven and allow to cool for about 10 minutes in the pan before inverting onto a large serving plate.