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what is the formula of simple interest and compound interest. Amount P mathbf1. These days financial bodies like banks use the Compound interest formula to calculate interest.
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Compound Interest Total amount Principal. 6000 1 9 12 6000 2813 16878. Simple interest is calculated yearly on the original principal alone and the team at Investopedia gives the formula as.
Example of compound interest calculation.
N no of yearsperiods. These days financial bodies like banks use the Compound interest formula to calculate interest. R Rate of interest. Amount P mathbf1.
