Best Math Formula website. Search anything about Math Formula in this website.
what is the formula for interest compounded monthly. Interest rate over the same period of time. The formula is given as.
Compound Interest Anchor Chart This Is A Quick Visual Representation Of The Compound Interest Formula from www.pinterest.com
If we wanted to pay it off in one year we would need to pay 93 monthly to clear the debt. So 4 would be 004 divided by n the number of times your interest is compounded in a given period. R Rate of interest.
The compounding interest for that year would be 111.
P 1r12 n 1 r360d -P P is the amount of principal or invoice amount. The rate of interest is 6 per year. It is the outcome of reinvesting interest rather than paying it out so that interest in the next period is earned on the principal sum plus previously accumulated interest. So 4 would be 004 divided by n the number of times your interest is compounded in a given period.
