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You use the PRI formula
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So you use the formula balance=principal(1+n over the number of years the the exponent ;0
They use the below formula: Interest per year = p * n * r / 100 P - amount you deposit N - number of years R - rate of interest If you substitute the numbers corresponding to the amount that you deposit, the number of years and rate of interest, you can get the actual interest amount
u dont use a formula
You use the PRI formula
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begin enter Principal amount(Input) enter interest rate(Input) calculate simple interest(Computation/Processing) Display/Show/Print Give sound Simple Interest(output) end By Tomas Naxweka(Namibia)
Hire purchase is calculated using the simple interest formula, and interest is only calculated on the amount owing. A = S ( 1 + i.n) Where: A = Total amount after interest S = Starting amount after deposit has been subtracted (no interest) i = Interest rate (divide the % by 100, and then again by 12, 4, or 6 depending on the number of times interest will be calculated) n = number of time periods that the purchase agreement states to pay over (24 months, etc) Substituting the given values into the formula will give you the total amount to be paid after interest has been accrued. To calculate the repayments, you divide the answer derived as A (total amount) by the number of repayments (n) you have to make. It is a really simple process, and it will only ever use the simple interest formula. Hope this was helpful ^^
So you use the formula balance=principal(1+n over the number of years the the exponent ;0
They use the below formula: Interest per year = p * n * r / 100 P - amount you deposit N - number of years R - rate of interest If you substitute the numbers corresponding to the amount that you deposit, the number of years and rate of interest, you can get the actual interest amount
When you put money in the bank , they don't produce more , the use simple interest to charge you fees
In calculating for the interest, please use the formula below:I = PRTwhere I stands for InterestP for principalR for rate; andT for time
you know they use stuff..
Also, I have to use the formula: Use the compound interest formula A = P (1 + i)n, where A is the accumulated amount, P is the principal, i is the interest rate per year, and n is the number of years.
Use this simple formula: I=Average daily balance times the interest rate, divided by 366 times 30 days in November.
This website has a really great calculator that is simple and easy to use. It also has some great advice about the best ways to save and choosing how often your interest in compounded. www.thecalculatorsite.com