0
Still curious? Ask our experts.
Chat with our AI personalities
Coach
Rene
MaxineAdd your answer:
Earn +20 pts
R equals 4600 8.73 percent interest compound quarterly for 9 year?
R equals 4600, 8.73 percent interest compound quarterly for 9 years?
What is the total compound interest of a loan for 5000 with an annual interest rate of 8 percent at the end of a two-year period?
It is 832 units of currency.
What is the simple interest on 3 500 at 9 ½ percent for 1 ½ years?
You have failed to tell us to what period of time the 9½% interest is applied - is it Yearly, Monthly, Daily (if only - I can but dream). I will guess that it is 9½% APR simple interest. With Simple Interest, the interest is gained only on the capital and not any interest reinvested. → 1 year's interest is 9½% of 3500 = 9.5/100 × 3500 = 332.50 → 1½ years interest = 1½ × 1 year's interest = 1.5 × 332.50 = 498.75
How much will 3500 dollars be worth in three years with one percent interest?
As a quick approximation, you can multiply 3500 x 3 (years) x 0.01 (= 1%). But actually, banks will capitalize the interest, i.e., your money will be multiplied by a factor of 1.01 (1 + 1/100) per year; therefore the following calculation is more accurate: 3500 x 1.013
Is simple interest at 4.25 percent better than compound interest at 4.25 percent?
Simple interest is the interest you earn on your principal, IE the amount of your original investment. For example, you put 1000 dollars in a saving account paying 3% per annum. At the end of the year you will have earned 30 dollars on that one thousand dollars. If you leave the principal and interest in the account for another year you will earn another 30.00 on your original 1000 dollars plus .90 interest. on the first 30.00 dollars interest. This gives you a total of 1060.90 in your second year. In each succeeding year you will earn interest on your interest plus interest on your original principal which, if left alone will add up to a substantial some given the power of compound interest. One caveat, compound interest is a double edged sword. If you have a loan and fail to make your monthly payments on time, compound interest will gut you financially.
