Compound interes, $ 4760.22 is the balance after 3 years.
If the compound interest continuously for + years
at rater per year then the compounded amount is given by D= $4000
A = Pert.
5.84. 5-8
A = 4000xe (0.058)(3)
+ = 3 years.
= $4760.22.
Compound interest is calculated by multiplying the original loan amount or principal amount by 1, plus the annual interest rate, which is the number of compounding periods minus 1. This will give you the total loan amount including compound interest.
The monthly compound interest formula is used to calculate compound interest per month. The formula for compounding monthly interest is CI = P(1 + (r/12) )12t - P. where P is the principal amount, r is the decimal interest rate, and t is the time.
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