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Suppose the amount invested (or borrowed) is K,
Suppose the rate of interest is R% annually,
Suppose the amount accrues interest for Y years.
Then
the interest I is 100*K[(1 + R/100)^Y - 1]
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∙ 9y ago
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What is the formula for difference between simple interest and compound interest?
P(r/100)^2
How do you figure out your total amount of money after interest?
It depends on whether it is simple or compound interest. The formula for simple interest is A = P(1+rt), where A = amount of money after t years, P = Principal, or the amount of money you started with, and r = the annual interest rate, expressed as a decimal (i.e. 7% = 0.07). For compound interest, the formula is A = P(1+r)t.
What are the major differences between compound interest loan and simple interest loan?
With compound interest, the interest due for any period attracts interest for all subsequent periods. As a result, compound interest, for the same rate, is greater.With compound interest, the interest due for any period attracts interest for all subsequent periods. As a result, compound interest, for the same rate, is greater.With compound interest, the interest due for any period attracts interest for all subsequent periods. As a result, compound interest, for the same rate, is greater.With compound interest, the interest due for any period attracts interest for all subsequent periods. As a result, compound interest, for the same rate, is greater.
How much would you repay the bank if you borrowed 7900 at 4.3 percent annual interest for 6 years?
9,938.20 * * * * * That would be correct only if banks charged simple interest as opposed to compound interest. Anyone believe that likely? The correct answer, when interest is compounded, is 7900*(1.043)6 = 10170.28
What are some of the uses of compound interest in business?
compound interest increases interest more than simple interest
How do you solve compound interest formula for n?
It depends on which compound interest formula you mean. Refer to the Wikipedia Article on "Compound Interest" for the correct terminology.
WHAT does the carrot in the formula for compound interest means?
There is no carrot in the compound interest formula!
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What is the formula for difference between simple interest and compound interest?
P(r/100)^2
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