How much is 4700 worth after 72 Monthlys using an annual interest rate of 3.5% compounded Monthly?
How much is 4700 worth after
using an annual interest rate of 3.5%
Calculate effective interest rate
There are 12 months in a year
Convert interest rate to monthly
Monthly Interest = Annual Interest Rate Compounding Periods
Monthly Interest = 0.035 12
Monthly Interest = 0.0029166666666667
Calculate Accumulated Balance A = B(1 + i) n where A = accumulated balance B = opening balance i = Monthly interest rate and n = number of periods Plugging in our values
A = 4700(1 + 0.0029166666666667)
A = 4700(1.0029166666667)
A = 4700(1.2333010367084)
5,796.51 How much interest was earned? Interest Earned = Accum. Value - Start Balance Plug in our values
Interest Earned = 5,796.51 - 4,700.00
Interest Earned =
1,096.51 See Answer
What is the Answer?
5,796.51 Interest Earned = 1,096.51
How does the Compound Interest Accumulated Balance Calculator work?
Free Compound Interest Accumulated Balance Calculator - Given an interest rate per annum compounded annually (i), semi-annually, quarterly, monthly, semi-monthly, weekly, and daily, this calculates the accumulated balance after (n) periods
This calculator has 3 inputs.
What 1 formula is used for the Compound Interest Accumulated Balance Calculator?
What 5 concepts are covered in the Compound Interest Accumulated Balance Calculator?
compound interest the interest you earn on principal and interest A = (1 + r/n) nt compound interest accumulated balance interest rate the proportion of a loan that is charged as interest to the borrower or proportion of principal credit given to a depositor principal The amount borrowed on a loan, before interest is charged yield How much an investment returns in terms of interest rate
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