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what is interest rate compounded monthly. A credit card balance of 20000 carried at an interest rate of 20 compounded monthly would result in total compound interest of 4388 over one year or about 365 per. How much would 10000 be worth if it was compounded daily at an annual rate of 10 after 5 years.
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Youll need to convert from percentage to decimal format to complete these steps. Compounding refers to taking the interest that has accumulated on a loan and adding it to the loan balance so that you end up paying interest on interest. If you only carry a balance on your credit card for one months period you will be.
Before you begin the calculations you need to express 6 as an equivalent decimal number.
Compounding refers to taking the interest that has accumulated on a loan and adding it to the loan balance so that you end up paying interest on interest. Interest is really a fee charged for borrowing the money it is a percentage charged on the principal amount for a period of a year -- usually. How much would 25000 be worth if it was compounded monthly at an annual rate of 4 after 15 years. R the interest.
