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| *Ostroff, Fair and Company>>>Other - Business & Finance |
How can I calculate the interest that would be payable on 937.50 from July 2006 to July 2007 with bank rate of |
How can I calculate the interest that would be payable on 937.50 from July 2006 to July 2007 with bank rate of Depends on the interest rate and how often you will make payments of principal/interest during the year. http://www.bankrate.com/brm/rate/calc_ho... This website has a multitude of calculators for determining interest on loans, savings accounts, CDs, etc. I hope it is helpful! You left out the interest rate and how often the rate is compounded. For example, if the rate were 5% per year compounded quarterly, then for a year (4 quarters) the new principal would be 937.5*(1+0.05/4)^4 = 985.26, so the interest would be 985.26-937.5 = 47.76 Interest = Principal * Rate * Time Unfortunately, I am unable to help you since you did not indicate the % rate. What is the bank rate? I was told to do this at school to work ut rates rate / 100 for example 17.6 / 100 Multiply the rate / 100 by the amount eg 10% / 2 = 5% multiplied 拢400 You now have the answer so add that to the total amount for example you have 拢500 and the price above you worked out before was 拢300 which is 拢800 so there you are whatever answer you get by dividing the rate by 100 then the amount the answer you get is the interest Hope this helps Thanks Ben |
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