Wiki User
∙ 10y agoIt is 832 units of currency.
Wiki User
∙ 10y ago3.5% interest compounded daily is equivalent to 3.562% annual yield.(It can't possibly be 3.5% daily. That would compound to 28,394,072% in a year.)
Assuming the interest is NOT compound - 3 years !
2.25
75
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
The annual compound interest rate is 18 percent.
$432
$432
3.5% interest compounded daily is equivalent to 3.562% annual yield.(It can't possibly be 3.5% daily. That would compound to 28,394,072% in a year.)
Assuming the interest is NOT compound - 3 years !
2.25
62
75
2.25
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
1927.23 IF the interest is compound (accrued on the totalsum each year)... 1891.00 IF the interest is simply calculated on the initial deposit.
500 principal, 10 percent annual rate => 50 annual interest 2 year => 100 total interest.