But I was stumped as to how I would do this. Interest rates are typically expressed as a percentage. Calculate Interest solve for I.
Simple Interest Formulas and Calculations.
How to calculate your interest To begin your calculation enter your starting amount along with the annual interest rate and the start date assuming it isnt today. Subtract the interest costs from the monthly payment. In the formula A represents the final amount in the account after t years compounded n times at interest rate r with starting amount p. To calculate compound interest work out the interest for the first period add it on and then calculate the interest for the next period etc.