STEP 2 Thus let us substitute the values we have into the formula. That earns 2 compound interest that is done annually r 002. Roi The annual rate of interest for the amount borrowed or deposited.
The monthly compounded interest for 10 years is Rs 3414083.
R Rate of interest. In order to understand this better let us take the help of an example. To pay off the credit card with 369 in interest payments during that time. A Monthly compound rate.