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Interest reckoner
Wirk oot hoo muckle interest a balance earns or costs. Simple interest is chairged anely on the original amoont; compound interest is chairged on the balance includin interest aaready eikit, sae it growes faster.
The formulae
P is the principal, r is the annual rate as a decimal, t is the time in years, an n is the nummer o times interest is eikit ilka year.
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Semple interest:
I = P × r × t -
Compoondit:
A = P × (1 + r/n)n×t
Wirkit example
Hold £1,000.00 at 6% a year for 2 years. With simple interest you earn £120.00, giving £1,120.00. Compounding monthly you earn £127.16, giving £1,127.16 — a little more, because each month's interest then earns interest too.
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