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What is the amount of money P that will generate 40 in interest at a 10 interest rate over 5 years?
Wiki User
∙ 6y ago
It is approx 65.52
Wiki User
∙ 6y ago
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What is the total amount of money owed if 1250 was borrowed for four years at 3.5 interest?
What is the total amount of money owed if $1,250 was borrowed for four years at 3.5% interest?
If you have 2500 to invest at 6 interest compounded quarterly. For how many years will the money need to be invested for that amount to triple?
It will take 19 years.
How much would 900 invested at 6 percent interest compounded continuously be worth after 4 years?
At 6% interest, the total amount of money increases by a factor of 1.06 (100% + 6%) every year, so to get the amount after 4 years, you calculate 900 x 1.064.
How much would 300 invested at 7 interest compounded continuously be worth after 4 years Round your answer to the nearest cent. Do not include units in your answer.?
7% compound interest means that the amount of money increases, every year, by a factor of 1.07. After 4 years, you have 300 x 1.07^4.
Why is compound interest better than simple interest?
Compound interest is better than simple (or "nominal") interest because compound interest allows you to add your accumulated interest back to your total every given term (i.e. each day, each week, each month, quarterly, annually, etc.), thus increasing the amount of money you are earning interest on.Example:Say you deposit 100 dollars for 2 years at 10% per year in 2 banks, one which does not compound your interest (Bank A), and one that compounds annually (Bank B).Bank A:After 1 year: 100 x 1.10 (1.10 = your amount + 10%) = 110After 2 years: 100 x 1.20 (1.20 = your amount +10% x 2) = 120Bank B:After 1 year: 100 x 1.10 = 110but then instead of using 100 again, you add the additional 10 back into your total and collect interest on 110 dollars in year two.So:After 2 years: 110 x 1.10 (1.10 = your amount + 10%) = 121
What is the total amount of money owed if 1250 was borrowed for four years at 3.5 interest?
What is the total amount of money owed if $1,250 was borrowed for four years at 3.5% interest?
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 is simple interest?
Simple interest does not compound. In other words, If you start off with $500 and get $5 in interest, the $5 you got in interest will not be included when calculating the amount of interest you will get next year. Simple interest can be calculated by the formula i = prt, where i is the amount of money earned from the interest, p is the principle (starting money), r is the rate (as a decimal,) and t is the time in years. Another formula is used to calculated the accumulated amount: A = p(rt + 1), where A is the accumulated amount.
If you have 2500 to invest at 6 interest compounded quarterly. For how many years will the money need to be invested for that amount to triple?
It will take 19 years.
On what sum of money will compound interest for 2 years at 5 percent per year amount to Rs 164?
Rs 1600.
Can you give me the continuous compound interest formula?
Compound Interest FormulaP = principal amount (the initial amount you borrow or deposit)r = annual rate of interest (as a decimal)t = number of years the amount is deposited or borrowed for.A = amount of money accumulated after n years, including interest.n = number of times the interest is compounded per yearExample:An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years?Solution:Using the compound interest formula, we have thatP = 1500, r = 4.3/100 = 0.043, n = 4, t = 6. Therefore, So, the balance after 6 years is approximately $1,938.84.
What is formula of compound interest?
Compound Interest for n compounds per year:A = P(1+r/n)ntWhereA = amount of money at time tP = Principal balancer = yearly interest raten = number of compunds per yeart = time in yearsContinuous Compound Interest:A = PertA = amount of money at time tP = Principal balancer = yearly interest ratet = time in years
How much would 900 invested at 6 percent interest compounded continuously be worth after 4 years?
At 6% interest, the total amount of money increases by a factor of 1.06 (100% + 6%) every year, so to get the amount after 4 years, you calculate 900 x 1.064.
Interest can be obtained on an amount of Rs 9650 at the rate of 6 pcpa at the end of 3 years?
Yes it can, provided the money is not in a longer term bond.
How is simple interest calculated in banks?
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
Which variable in the simple interest equation you equals p r t represents the original amount of money borrowed or invested?
p = principal ie amount invested; r = annual rate of interest; t = time in years. interest receivable = (p x t x r)/100
Simple question--how do you figure the amount of money paid to me monthly with a CD aCCOUNT?
You can use the below formula: P - The amount of money you deposited N - No. of years deposited R - Rate of Interest Offered by the bank. Interest = P * N * R / 100 Substitute the amount you want to deposit and the rate of interest on your CD in the formula. Also, here you must take N as: 0.0833 because you want to calculate every month. You'll get the interest you'll get every month.
