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what is the formula for calculating monthly interest. 360 where i interest rate n to the power of n. Formula For Simple Interest is represented as Simple Interest P r t.
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Generally when someone deposits money in the bank the bank pays interest to the investor in the form of quarterly interest. Of days if applicable eg. The formula used in the compound interest calculator is A P 1rnnt A the future value of the investment.
Your monthly interest rate is 083.
Convert the monthly rate in decimal format back to a percentage by multiplying by 100. Formula to calculate monthly interest. A trader borrowed a 10000 loan from a bank the banks annual interest rate is 12 pa. R Rate of interest.
