Formula to find interest

Compound interest is a little trickier to calculate but you can use this formula to determine how much interest youll pay over the course of your loan. Then plug it into the equation.

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Divide the number 72 by the interest rate to get the approximate number of years.

. Principal loan amount x Interest rate x Time aka Number of years in term Interest. A 1000 1 00112 12 X. R it also can be written as r100.

The formula to calculate Simple Interest is SI P R T Here p represents Principal r represents the Rate of Interest in per annum. 1 Example For example assume you want to calculate the compound interest on a 1 million. For example if you take out a five.

Suppose you invest 2000 at 8 interest rate compounded monthly and you want to know the value of your investment after 5 years. T you are looking to find your interest earned of 1 year. First off lets write down a list of.

RATE C4 -C5C6C7 Therefore the Annual. Because years include 12 months multiply the previous calculation by the value of C7 or write the following formula to get the annual interest rate. N your bank compounds monthly so it would compound 12 times a year.

So if you owe 300000 on your mortgage and. Lenders multiply your outstanding balance by your annual interest rate but divide by 12 because youre making monthly payments. You can calculate your total interest by using this formula.

A P 1 r n n x t A.

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