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11-04-2018
Mathematics

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$1675 at 4.6% for 4 years whats the interest earned and balance amount

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mathmate mathmate

11-04-2018

If simple interest is paid:
Interest=Pit = 1675*0.046*4=308.20

If compounded annually
Interest=P[(1+i)^t-1]=1675*(1.046^4-1)=330.13

If compounded monthly
Interest=P[(1+i/12)^(t*12)-1]=1675*((1+0.046/12)^(4*12)-1)=337.67

Please be sure to specify the type of interest and compounding period if it is compound interest.

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