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asked 11 months ago
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I=PRT
Interest=Princical x Rate x Time
Principal is the original amount of money
rate is usually a percentage
time is the amount of time for the interest, in years or fraction of a year
Interest=Princical x Rate x Time
Principal is the original amount of money
rate is usually a percentage
time is the amount of time for the interest, in years or fraction of a year
1
0
For example, the interest on $1000 at 3% for 2 years is
$1000*3%*2 = $1000*.06 = $60.
This is simple interest. Compounded interest is computed this way only for the period of compounding (1 month or 1 quarter, usually). Then the interest value is added to the principal for the next compounding period.
$1000*3%*2 = $1000*.06 = $60.
This is simple interest. Compounded interest is computed this way only for the period of compounding (1 month or 1 quarter, usually). Then the interest value is added to the principal for the next compounding period.
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