What Is The Formula Used To Calculate Interest On A Loan?
HELP! I need to remember and I can't
2 Answers - Sort by: Date | Rating
well the formula is
S=P(1+i)^n
where,
S= Future Value
P= Present Value ( Value of Loan )
i = interest rate
n= number of Periods for which loan has been taken
If you want to calculate you must know the present value, future value and the rate of Interest ..
Good Luck
2
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The formula to calculate simple interest is as follows;
I=Prt
where I is interest
P is amount taken as loan
r is the rate of interest on loan
t is the time period for which loan is taken
Compound interest formula is as follows;
A = P(1 + r)n
I=Prt
where I is interest
P is amount taken as loan
r is the rate of interest on loan
t is the time period for which loan is taken
Compound interest formula is as follows;
A = P(1 + r)n
1
0
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