Math interest formula
The Total Interest Formula of a given value can be expressed as I PRT. Compound interest is when a bank pays interest on both the principal the original amount of moneyand the interest an account.
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Alex borrows 1000 for 7 Years at 6 simple interest.
. Where I Total Interest. I interest P amount borrowed called Principal r interest rate t time. Compound interest is a great thing when you are earning it.
Created by the great Pythagoras a Greek mathematician this formula mentions the relationship between the hypotenuse the longest side of a right angled triangle and the lengths of the other. R the interest rate decimal A the future value of the investment P the principal investment amount n. T Time period.
Compound Interest Formula The formula for the Compound Interest is C o m p o u n d I n t e r e s t P 1 r n n t P This is the total compound interest which is just the interest generated. Principal interest P. Rate of interest per year r R 100.
P Principal amount. To calculate it we simply multiply 5000 with the interest 10. Total accrued amount ie.
R Rate of interest on the principal amount. 000100070 Here how do we get this 500. Formula for calculating interest rate r r n AP1nt-1 Where.
Now after the 1st year the interest is 10 of the principal which is equals to 500.
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