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What is compount interest?
Compound interest is the interest calculated on the initial principal and also on the accumulated interest from previous periods. This means that interest is earned on both the original amount deposited and the interest that has been added to it. Over time, this can lead to exponential growth of the investment or loan, as the interest compounds at regular intervals. It contrasts with simple interest, where interest is only calculated on the principal amount.
What is the math definition of principal?
The "principal" is the sum of money invested or borrowed, before interest or other revenue is added, or the remainder of that sum after payments have been made. In math, this applies to finance.
How do you record interest earned?
To record interest earned, you typically make a journal entry that credits an interest income account and debits an asset account, such as cash or accounts receivable, depending on whether the interest has been received or is accrued. For example, if you earned $100 in interest, you would debit the cash account and credit the interest income account. This ensures that your financial statements accurately reflect the income earned during the accounting period.
You deposit 900 in a savings account that earns 4 percent interest compounded once a year after 2 years the second years interest has been added how much will be in the account?
$972.00From Superscot85: Above answer is for Simple Interest. You specifically stated "compound" so after 2 years balance will be 900 x (1.04)2 ie 973.44
What is a letter of interest?
its the way of showing interest in a job which has been advertised and you are willing to get
What is different about compound interest from normal interest?
Compound interest is calculated on the initial principal plus any accumulated interest, resulting in interest earning interest over time. Normal interest, on the other hand, is only calculated on the initial principal amount and does not take into account any interest that has already been earned.
What statement is true of compound interest?
Compound interest is calculated on both the initial principal and the interest that has been added to the principal at previous periods. This means that the interest earned grows exponentially over time, making it a powerful tool for increasing wealth.
What are the consequences of defying the power of attorney?
An agent who acts contrary to the duties of an agent can be liable to the Principal or the Principal's successors in interest for the amount required to restore the value of the Principal's property to what it would have been had the violation not occurred.
What is the math definition of principal?
The "principal" is the sum of money invested or borrowed, before interest or other revenue is added, or the remainder of that sum after payments have been made. In math, this applies to finance.
What does -- the process of deferring interest as an asset rather than an expense -- mean in WikiAnswers' answer to Capitalization of Interest?
Interest charged is normally an expense - in that it is a deduction from an account. Deferring payment of the interest, means the money that would have been paid is still in the account - making it an asset.
Do you have to pay the original balance on account that has been sold to collection agency?
yes
900 in savings account that earns 4 percent interest after two years how much is in the account if no deposits or withdrawals have been made?
It depends on the compounding frequency of the rate of interest earned on your bank account. Some banks compound the interest yearly and some do it quarterly. If the interest is compounded every year you will have 973.44 at the end of 2 years.
Where can I find good interest rates on a checking account?
Interest rates have been low for the past several years, so a great way to gain a higher interest rate on your savings is to invest in a money market account with check writing privileges.
If a credit card account has been sold can the new company continue to charge interest?
in fact they do
is it legal for a garnishment collector to have been paid the amount owed in full, which was already twice the original amount due to interest to deny my settlment offer for which is only more interest left on the owed account?
You should refer to the judgement against you to determine what the Judge determined regarding interest. In terms of your garnishment, this is the only document that matters. If you feel you have been garnished too much you should contact an attorney.
What is the difference between the principal balance and the outstanding balance on a loan?
The principal balance is the original amount borrowed, while the outstanding balance is the amount still owed on the loan after payments have been made.
Can a collection agency charge interest of 1030 to a charge off account that has been paid down to 700 from 4514 but you missed two months?
The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.
