It is approx 65.52
It will take 19 years.
At 6% interest, the total amount of money increases by a factor of 1.06 (100% + 6%) every year, so to get the amount after 4 years, you calculate 900 x 1.064.
Assuming Compound Interest I(n) = I(o)[1 + r/100]&(n) Where I(o) = 1250 r = 3.5% n = 4 years Substitutie I(4) = 1250[1 + 3.5/100]^(4) Hence I(4) = 1250 [ 1.035]^(4) I(4) = 1250[1.147523] I(4) = 1434.40 is the total amount owed. NB Compound interest is the usual business practice of calculating interest. NNB Payment would possibly be done on an monthly basis ; 1434.40 / 48 = 29.88 is paid each month .
7% compound interest means that the amount of money increases, every year, by a factor of 1.07. After 4 years, you have 300 x 1.07^4.
if its simple interest: I = prt = 240 the total money to be returned is 2240
It depends on whether it is simple or compound interest. The formula for simple interest is A = P(1+rt), where A = amount of money after t years, P = Principal, or the amount of money you started with, and r = the annual interest rate, expressed as a decimal (i.e. 7% = 0.07). For compound interest, the formula is A = P(1+r)t.
Simple interest does not compound. In other words, If you start off with $500 and get $5 in interest, the $5 you got in interest will not be included when calculating the amount of interest you will get next year. Simple interest can be calculated by the formula i = prt, where i is the amount of money earned from the interest, p is the principle (starting money), r is the rate (as a decimal,) and t is the time in years. Another formula is used to calculated the accumulated amount: A = p(rt + 1), where A is the accumulated amount.
It will take 19 years.
Rs 1600.
Compound Interest FormulaP = principal amount (the initial amount you borrow or deposit)r = annual rate of interest (as a decimal)t = number of years the amount is deposited or borrowed for.A = amount of money accumulated after n years, including interest.n = number of times the interest is compounded per yearExample:An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years?Solution:Using the compound interest formula, we have thatP = 1500, r = 4.3/100 = 0.043, n = 4, t = 6. Therefore, So, the balance after 6 years is approximately $1,938.84.
Compound Interest for n compounds per year:A = P(1+r/n)ntWhereA = amount of money at time tP = Principal balancer = yearly interest raten = number of compunds per yeart = time in yearsContinuous Compound Interest:A = PertA = amount of money at time tP = Principal balancer = yearly interest ratet = time in years
At 6% interest, the total amount of money increases by a factor of 1.06 (100% + 6%) every year, so to get the amount after 4 years, you calculate 900 x 1.064.
Yes it can, provided the money is not in a longer term bond.
They use the below formula: Interest per year = p * n * r / 100 P - amount you deposit N - number of years R - rate of interest If you substitute the numbers corresponding to the amount that you deposit, the number of years and rate of interest, you can get the actual interest amount
p = principal ie amount invested; r = annual rate of interest; t = time in years. interest receivable = (p x t x r)/100
You can use the below formula: P - The amount of money you deposited N - No. of years deposited R - Rate of Interest Offered by the bank. Interest = P * N * R / 100 Substitute the amount you want to deposit and the rate of interest on your CD in the formula. Also, here you must take N as: 0.0833 because you want to calculate every month. You'll get the interest you'll get every month.
The simple interest in this case is $145,000. It is calculated by multiplying the amount by the interest rate and the length of time.