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  • 07-03-2017
  • Mathematics
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How do you find the amount of interest

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MysteriousPanda
MysteriousPanda MysteriousPanda
  • 09-03-2017
Depends on what type of interest.

If it's simple interest then it is the original amount*interest rate*years.

If it's compound interest it is original amount(1+interest rate/times compounded)^times compounded*years.

The times componded means how many times a year it is compounded. 

Annually is 1, semi-annually is 2, quarterly is 4, and monthly is 12.

Also the interest rate is in decimal form like 6% is .06.

Hope this helped!
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