10 years
If the interest rate was eight percent, it would take about 9 years to double your principle.
$530.60
False. Interest upon interest is compounded interest
If compounded and assuming the amount was 3180 dollars, it would be 784 dollars.
Simple interest would be 360
If the interest rate was eight percent, it would take about 9 years to double your principle.
$530.60
False. Interest upon interest is compounded interest
If compounded and assuming the amount was 3180 dollars, it would be 784 dollars.
Simple interest would be 360
Simple interest would be 1040
As a rough guide to double any amount compounded annually, divide 70 by the interest rate. In this case that is 14 years.
you need an exponential function: y(x)=Ce^(kt), where y(x) = interest earned C = initial amount k = rate (have to divide the percent by 100 to get the actual rate) t = time y(x)= 16000e^(.03*7) = $19738.85 if you want to know how much you have just add the initial amount and the interest earned, hope this helps =] -ray
You would first find the percent (if it was 5% interest (for example) on a calculator you would do the amount then multiply by 5, then click the percent, by hand: you would multiply the amount you paid for then multiply by 0.05 then you would get the interest; simple math :D
times interest earned be smaller than fixed charge coverage
1 percent of 2,000 is 20 .
The answer depends on how the interest is compounded - but in simple interest compounded annually on $70,000 at 12 percent, the total value would be $383,150. The first year the investment would earn $8,400 ($70,000 x .12), and the "principle balance" would increase to $78,400. The second year interest would be earned on $78,400 ($70,000 + $8,400 earned in year one), which would be $9,408 ($78,400 x .12), making the new principle balance $87,808. Interest in the fifteenth year would be $41,052 paid on a principle balance of $342,098, for a total of $383,150.