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Subjects>Math>Basic Math

The formula for ordinary interest using exact time is?

Anonymous

∙ 10y ago

Updated: 9/17/2023

The formula for simple (ordinary) interest on a bank deposit is Deposit Amount x Rate x Time (# of days) on Deposit.

Wiki User

∙ 10y ago

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Continue Learning about Basic Math

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Most mortgage payments can be calculated using this formula. Some mortgages are different based on specific agreements with a bank.This formula is complicated due to ""compounding interest"".Let's define ""i"" as your interest rate divided by 12(one month's interest). ""m"" as the number of months until your loan is payed off. ""l"" as the principle(loan amount without interest).Your mortgage payment = l x [(i(1+i)m] / [(1+i)m-1]That is,The principle multiplied by one month's interest times the quantity 1 plus one month's interest times the number of months until the loan is paid, divided by the quantity 1 plus the monthly interest times the quantity of the number of months til the loan is paid minus 1.

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Related Questions

Calculate the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?

32

What is the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?

[{(3200*6)/100}/365]*60

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How do you derive PVI formula?

The present value interest factor (PVIF) is derived using the formula: PVIF = 1 / (1 + r)^n. This formula calculates the value of $1 received in the future discounted back to its present value using the interest rate (r) and number of periods (n).

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What is the formula for calculating the impact of making an extra mortgage payment a year using a calculator?

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How do you copy a formula using relative and absolute cell addresing?

When copying a formula using absolute cell addressing the formula is left in it's exact stage. No changes are made, not even symbols excluded or included. The formula stays in it's original form. When using relative cell addressing to copy a formula the formula needs to be copied without any types of symbols.

How can I calculate compound interest using the compound interest formula in Google Sheets?

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