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# How do you find the amount of interest?

Updated: 9/26/2023

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Q: How do you find the amount of interest?
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### How do you find the percent paid on interest?

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

### How do you find simple interest for 6 months?

Take the annual interest rate, divide it by 2 and multiply it by the amount you invested or borrowed.

### Where can find the simple mathematical formula for calculating interest?

You need to know the principal amount, the rate and the time. Then a very simply formula for calculating interest is I = PRT where P is the principal amount, R is the interest rate and T is the period of time in years.

### What is explicit interest?

Explicit interest is the amount of money that is paid on a loan. This means that it is a fixed amount of interest.

### Ms. Johnson invested 5980 with a finance company which pays 15.6 percent simple interest per year. Find the interest and the amount she is expected to receive after 6 years.?

The interest is 5980*1536/100*6 = 5597.28 And the total amount is 11577.28

### The amount of interest is determined by multiplying the amount in savings by the?

Annual interest rate

### What is the equation to find compound interest?

If the rate of annual interest is r% the period is n years and the amount invested is y Then the compound interest is y*(1+r/100)^n - y

### how personal loan interest is calculated?

Here's a simplified explanation of how it works: Principal Amount: The principal amount is the initial sum you borrow from the lender. This is the base amount upon which interest is calculated. Interest Rate: The lender specifies an annual interest rate as a percentage. For example, if you have a \$10,000 personal loan with an annual interest rate of 5%, the interest rate is 0.05. Time Period: The time period refers to the duration for which you borrow the money, usually expressed in years but sometimes in months. For example, if you have a 3-year loan, the time period is 3. Interest Calculation: To calculate the interest for each period (usually monthly), you multiply the principal amount by the annual interest rate divided by the number of periods in a year. For example: Monthly Interest = (Principal Amount × Annual Interest Rate) / 12 Total Interest Paid: To find the total interest paid over the life of the loan, multiply the monthly interest by the total number of periods (months) in the loan term. For a 3-year loan, this would be 36 months. Total Interest = Monthly Interest × Total Number of Periods Total Repayment Amount: To determine the total amount you'll repay, add the principal amount to the total interest. Total Repayment Amount = Principal Amount + Total Interest

### The beginning amount used to calculate interest?

it is the principal amount... i.e., the amount for which u have to calculate the interest Enjoy!! Kush

### How do you find the original investment when given the time and interest?

Not enough information. You also need to know: * The final amount of money * Whether simple or compound interest is known

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### How can you find out own annual percentage yield online?

An annual percentage yield enables one to find out how much interest a set amount of money is earning in interest per year. Many banks and other financial institutions include an interest calculator on their websites.