How much is 3000 worth after48 months
using an annual interest rate of 3%
compounded monthly?
Calculate effective interest rate
There are 12 months in a yearConvert interest rate to monthly
| Monthly Interest = | Annual Interest Rate |
| Compounding Periods |
| Monthly Interest = | 0.03 |
| 12 |
Monthly Interest = 0.0025
Calculate Accumulated Balance
A = B(1 + i)nwhere A = accumulated balance
B = opening balance
i = Monthly interest rate
and n = number of periods
Plugging in our values
A = 3000(1 + 0.0025)48A = 3000(1.0025)48
A = 3000(1.1273280210399)
A = 3,381.98
How much interest was earned?
Interest Earned = Accum. Value - Start BalancePlug in our values
Interest Earned = 3,381.98 - 3,000.00Interest Earned = 381.98
A = 3,381.98
Interest Earned = 381.98
You have 1 free calculations remaining
What is the Answer?
A = 3,381.98
Interest Earned = 381.98
How does the Compound Interest Accumulated Balance Calculator work?
Free Compound Interest Accumulated Balance Calculator - Given an interest rate per annum compounded annually (i), semi-annually, quarterly, monthly, semi-monthly, weekly, and daily, this calculates the accumulated balance after (n) periods
This calculator has 3 inputs.
What 1 formula is used for the Compound Interest Accumulated Balance Calculator?
What 5 concepts are covered in the Compound Interest Accumulated Balance Calculator?
compound interestthe interest you earn on principal and interestA = (1 + r/n)ntcompound interest accumulated balanceinterest ratethe proportion of a loan that is charged as interest to the borrower or proportion of principal credit given to a depositorprincipalThe amount borrowed on a loan, before interest is chargedyieldHow much an investment returns in terms of interest rate
Example calculations for the Compound Interest Accumulated Balance Calculator
Compound Interest Accumulated Balance Calculator Video
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