Balance of 360 on 1/1/2000
Calculate the balance on 1/1/2005
at 8% interest compounding annually
Calculate Effective Interest Rate
There are 1 years in a year
Divide our interest rate of 8% by 1
| Effective Rate of Interest (i) = | 0.08 |
| 1 |
Effective Rate of Interest (i) = 0.08
Show Balance Accumulation
| Date | Start Bal | Interest Start Bal x i | New Bal Start Bal + Interest |
|---|---|---|---|
| 01/1/2001 | 360.00 | 28.80 | 388.80 |
| 01/1/2002 | 388.80 | 31.10 | 419.90 |
| 01/1/2003 | 419.90 | 33.59 | 453.49 |
| 01/1/2004 | 453.49 | 36.28 | 489.77 |
| 01/1/2005 | 489.77 | 39.18 | 528.95 |
Final Answer
528.95
You have 2 free calculationss remaining
What is the Answer?
528.95
How does the Balance with Interest Calculator work?
Free Balance with Interest Calculator - Calculates the final account balance given a beginning balance, interest rate, and interest crediting period.
This calculator has 4 inputs.
This calculator has 4 inputs.
What 3 formulas are used for the Balance with Interest Calculator?
Effective time = Interest/Number of Compounding Periods
Decimal Rate = (1 + effective time)n - 1
Percentage Rate = 100% * Decimal Rate
For more math formulas, check out our Formula Dossier
Decimal Rate = (1 + effective time)n - 1
Percentage Rate = 100% * Decimal Rate
For more math formulas, check out our Formula Dossier
What 4 concepts are covered in the Balance with Interest Calculator?
- balance with interest
- The value of a fund when a balance is credited with interest for a specific period of time at a certain interest rate
- compound interest
- the interest you earn on principal and interest
A = (1 + r/n)nt - interest
- payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate
- principal
- The amount borrowed on a loan, before interest is charged
Example calculations for the Balance with Interest Calculator
Balance with Interest Calculator Video
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