Quote (Dune1 @ Jun 2 2014 03:26am)
I know the formula, but I am having a hard time putting the formula for finding compound interest to use.
Principal = $5000
Rate = 7%
Time = 6 yrs.
I have to find the interest after semiannually, quarterly, and monthly.
Can someone help me and also break down how it's done?
Just divide to annual interest rate by the number of periods
aka 0.07/4 for quarterly, 0.07/12 for monthly...