Asked by Anonymous
Find the total number of compounding periods and interest rate per period.
Princial: $700, time period :8yrs , nomial rate: 1.5%, interest compounding :monthly, copounding amount________, compound interest_______
* i need to figure outhe compounding amount & compound interest
Princial: $700, time period :8yrs , nomial rate: 1.5%, interest compounding :monthly, copounding amount________, compound interest_______
* i need to figure outhe compounding amount & compound interest
Answers
Answered by
Steve
Not sure what "compounding amount" means.
If you mean the final amount after adding the interest, just apply the usual formula, which you surely have.
A = 700(1+.015/12)^(12*8) = 789.19
To find just the interest, subtract the original $700, leaving just $89.19
If you mean the final amount after adding the interest, just apply the usual formula, which you surely have.
A = 700(1+.015/12)^(12*8) = 789.19
To find just the interest, subtract the original $700, leaving just $89.19
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