SOLUTION: The formula to calculate interest and update balance is {{{A= P(1+(r/n))^nt}}}. A = amount P = initial amount r = interest rate n = times per year t = amount of years Is {{

SOLUTION: The formula to calculate interest and update balance is {{{A= P(1+(r/n))^nt}}}. A = amount P = initial amount r = interest rate n = times per year t = amount of years Is {{

Algebra.Com

Question 950143: The formula to calculate interest and update balance is .
A = amount
P = initial amount
r = interest rate
n = times per year
t = amount of years
Is the same as ?
I need just the amount of interest calculated.

Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
.
.
.
Yes, interest is always the amount at the end of the period(A) minus the initial investment(P)
RELATED QUESTIONS
A book pays annual interest rate of 3% compounded quantity.if the initial deposit (Or... (answered by Cromlix)

I need help trying to solve this problem, Thanks Problem : What is the amount P... (answered by jim_thompson5910)

Can you please help me solve this?: The compound interest formula is given by... (answered by MathTherapy,nerdybill)

with the compound interest formula: A=amount, P=principle, r=annual interest rate, n=# (answered by josmiceli)

My professor has taken the compound interest formula... {{{ A(t)=P(1+r/n)^nt }}} ...and (answered by jim_thompson5910)

Maureen opened a savings account and deposited $800.00 as principal. The account earns 5% (answered by ikleyn)

I am not sure if I am doing this problem the right way. The formula for calculating the... (answered by rapaljer)

{{{A(t)=P(1+r/n)^(nt)}}} A= the balance of the account P= the principal (beginning... (answered by josgarithmetic)

Sara opens a bank account with $200. The account accrues 2% interest compounded annually. (answered by Boreal)