what is the formula of compound interest and simple interest
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Answer:
Compound Interest= A-P
A= P(1+r/100)^n. (n is the no. of years)
simple interest= PXRXT/100
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The simple interest formula is I = P x R x T. Compute compound interest using the following formula: A = P(1 + r/n) ^ nt. ... A is the total amount accumulated, including interest, after t years. Divide the interest rate by the number of compounding periods per year.
A = P(1 + \frac{r}{n})^{nt}
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
The compound interest formula is ((P*(1+i)^n) - P), where P is the principal, i is the annual interest rate, and n is the number of periods
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