write a formula to find amount to be paid through compound interest. also explain each in it
Answers
Answered by
4
The formula used to find the amount to be paid through compound interest is as follows:
A = P(1+R/100)^T
The letter 'A' denotes the amount at the end of certain time period for a given rate of interest.
The letter 'P' denotes the principal on which interest has to be raised for a given rate of interest and time period.
The letter 'R' denotes the rate of interest at which the compound interest has to be raised.
The letter 'T' represents the time period in which rate of interest on a given principal amount has to be raised.
A = P(1+R/100)^T
The letter 'A' denotes the amount at the end of certain time period for a given rate of interest.
The letter 'P' denotes the principal on which interest has to be raised for a given rate of interest and time period.
The letter 'R' denotes the rate of interest at which the compound interest has to be raised.
The letter 'T' represents the time period in which rate of interest on a given principal amount has to be raised.
Similar questions