Tap for more steps. Expert Answer 100 1 rating Previous question Next question Transcribed Image Text from this Question. 625 becomes 0625 this is your annual rate.
How To Pay Off Your Mortgage Fast Using Velocity Banking How To Pay Off Your Mortgage In 5-7 Years - Duration.
Formulas given to solve for principal interest rates or accrued investment value or number of periods. The formula for compound interest is P 1 rnnt where P is the initial principal balance r is the interest rate n is the number of times interest is compounded per time period and t is the number of time periods. Solve for t AP1rnnt Rewrite the equation as. 625 becomes 0625 this is your annual rate.