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what is the math formula for interest. The compound interest can be calculated such as. Simple annuity- when the interest compounding period is the same as the payment period CY PY.
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Pay the same amount of interest every year. Monthly Compound Interest Formula. I Prt becomes r IPt Remember to use 1412 for time and move the 12 to the numerator in the formula above.
Compound interest is the product of the initial principal amount by one plus the annual interest rate raised to the number of compounded periods minus one.
When the amount of interest the principal and the time period are known you can use the derived formula from the simple interest formula to determine the rate as follows. The loan term is 3 years 36 months so n 36. BeginalignA P1 rt 100001 00758 bboxborder. The principle is 350 or P350.
