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
The total interest would be 73606.07 dollars, approx.
Not usually. A "4 percent increase in the interest rate" usually means that there is some reference interest rate of x percent that is increased to 4 + x percent. This means that the interest paid increases from x percent of the principal to 4 + x percent of the principal. Therefore, the interest paid increases by 100 (4/x) %. For example, if a recent Federal funds rate of 1 % in the United States were to be increased by 4 %, the interest paid on any given amount of principal would increase by 400 %!
Simple interest would be 360
Simple interest would be 1040
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
It is 16,500. That would give you a total of 566,500.
The total interest would be 73606.07 dollars, approx.
Depending on the rate of interest which can vary from 2-4% per annum would be in the region of £8000-16000 daily
Not usually. A "4 percent increase in the interest rate" usually means that there is some reference interest rate of x percent that is increased to 4 + x percent. This means that the interest paid increases from x percent of the principal to 4 + x percent of the principal. Therefore, the interest paid increases by 100 (4/x) %. For example, if a recent Federal funds rate of 1 % in the United States were to be increased by 4 %, the interest paid on any given amount of principal would increase by 400 %!
Simple interest would be 360
Simple interest would be 1040
13,807.50
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
Ten percent in money means ten percent of the total amount. For example, if you borrow $5,000 at ten percent interest, $500 will be added to the total you owe because $500 is ten percent of $5,000. You would, therefore, have to pay $5,500 to pay the loan back in full.
Total = 1000(1+0.06)4 = 1262.48
13,807.50
16000