Formulas For Simple and Compound Interest Problems

compound interest formula When Rates are Different for Different Years Let's consider you have borrowed money from the bank, but the rate of interest changes every year

Compound interest, or 'interest on interest', is calculated using the compound interest formula A = P*^ , where P is the principal distance formula The EFFECT function returns the compounded interest rate based on the annual interest rate and the number of compounding periods per year The formula to