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how to solve simple and compound interest. P 1 0 2 1 0 0 2 3 0 0 1 0 1 0 0. To calculate the amount of simple interest over 5 years you simply multiply the interest earnt in year one by five - 125 5 625.
Practice Applying Compound Interest Formulas With These Word Problems Word Problems Financial Literacy Worksheets Word Problem Worksheets from www.pinterest.com
P R 2 1 0 0 2 3 0 0 R 1 0 0. P 1 0 2 1 0 0 2 3 0 0 1 0 1 0 0. Frac P R2 1002 frac 300 R 100 1002P R2.
Calculating Compound Interest If you deposit 1000 in a bank account which is paying 3 compound interest per year.
If both rates are the same lets say 8 and you are borrowing money then simple interest would be to your advantage. Simple Interest Rate Formula. Your intermediate accounting textbook may substitute n for time the n stands for number of periods time. How to calculate simple interest You figure simple interest on the principal which is the amount of money borrowed or on deposit using a basic formula.
