l Simple and Compound and Continuous Interest Calculator

Enter 3 out of 4 below

<-- Accum Value
<-- Principal
<-- Interest %
<-- Time
      

Answer
Success!
Accumulated Value using Simple Interest = 8528

↓Steps Explained:↓



Given an initial balance of 8000,
an interest rate of 1.1%,
and time of 6

Calculate the Accumulated Balance
using Simple Interest:

Accumulated Value formula

AV = Principal * (1 + (int. rate * time))

Plug in our values

AV = 8000 * (1 + (0.011 * 6))

Simplify

AV = 8000 * (1 + 0.066)

AV = 8000 * 1.066

Calculate the total interest earned:

Total Interest Earned = Accumulated Value - Principal

Total Interest Earned = 8528 - 8000

Total Interest Earned = 528

Calculate the interest earned:

Interest per Period  =  Interest Earned
  t

Interest per Period  =  528
  6

Interest per period = 88

Final Answer

Accumulated Value using Simple Interest = 8528

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