How To Calculate Compound Interest?
Mortgage amount of $359,920 at 5.5% interest, 30 year term. If interest were compounded annually, how much would the total interest be over the 30 year term?
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asked 2 years ago
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When the interest is compounded once a year the formula is as follows;
A = P(1 + r)n
by putting values
A=359920(1+0.055)30
A=359920X4.98395
A=$1793823.75 will be compound interest.
A = P(1 + r)n
by putting values
A=359920(1+0.055)30
A=359920X4.98395
A=$1793823.75 will be compound interest.
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