This particular question is around GCSE grade 4 5 B in old money and deals with using the formula. Please leave a review so we can continue to develop our resources. You take out a loan of 800 and the bank charges you 15 compound interest per year.
It should be watched with the compound interest mathscast.
Worksheet - Simple interest. If I intend to leave my money on my account for five years would I rather receive simple or compound interest. For each question it is assumed no money is withdrawn or deposited into the account after the original deposit. In the compound interest formula just as in the simple interest formula the interest rate is symbolized by the letter r Divide the percentage by 100 to get the decimal value.