I have a project where I'm supposed to calculate the interest of a given amount monthly and continuously, and then compare the methods. We were given a chart with each's month's principal amount (and we're given 1 number for each month of 1 year), and I want to calculate the interest for each month. In this case, what would I put as the "t" in the A=(1+(r/n))^nt formula?

asked by Kaye

9 years ago

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1 answer

If my initial amount were $18.60 and my APR is 2.5%, would the formula be:

A= 18.60(1+(.025/12))^(12)(1/12)

answered by Kaye

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I have a project where I'm supposed to calculate the interest of a given amount monthly and continuously, and then compare the methods. We were given a chart with each's month's principal amount (and we're given 1 number for each month of 1 year), and I want to calculate the interest for each month. In this case, what would I put as the "t" in the A=(1+(r/n))^nt formula?

1 answer

If my initial amount were $18.60 and my APR is 2.5%, would the formula be:

A= 18.60(1+(.025/12))^(12)(1/12)

Kaye · Answer

If my initial amount were $18.60 and my APR is 2.5%, would the formula be: A= 18.60(1+(.025/12))^(12)(1/12)