What Is Compound Interest?
I don't understand the formula for the compound interest which is interest=principal times rate times time i=1800 times 6% times 1/4
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asked 2 years ago
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Interest charged on both the principal amount of a loan as well as on the interest charged in a preceding period
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Compound interest will increase the note and also the interest charged on a debt by adding the interest to the principle of the note. This interested is then compounded by the application of applying the interest charge to both the outstanding original note plus any interest charged and not paid on the note thus increasing the note due. Any new interest calculations are applied to the recalculated note thus increasing the total interest charged.
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Simple interest is a fixed charge for borrowing money; usually a percentage of the amount borrowed. Whereas, compound interest is the interest calculated on both the principal and the accrued interest.
The formula for compound interest is,
A=P(1+r/n)^nt
A is the amount of the return
P is the principal amount
R is the annual interest rate
T is the number of years
The formula for compound interest is,
A=P(1+r/n)^nt
A is the amount of the return
P is the principal amount
R is the annual interest rate
T is the number of years
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Guest
answered 2 years ago
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