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how to find compound interest rate gcse. It covers how to approach calculator and non-calculator questionsPractice Questions. Or you can use the old Flash version.
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Calculate the interest on borrowing 40 for 3 years if the simple interest rate is 5 per year. Using the compound interest formula calculate principal plus interest or principal or rate or time. Problems are much easier to solve by using the multiplier method.
The formula for compound interest is P 1 rn nt where P is the initial principal balance r is the interest rate n is the number of times interest is compounded per time period and t is the number of time periods.
Even if you cant get a 4 compound interest rate. Calculate the interest on borrowing 40 for 3 years if the simple interest rate is 5 per year. To answer this question you begin by working out 5 of 250 which 1250. Multiply the year 2 principal amount by the bonds interest rate.
