Interest Simple Interest r is annual rate as a decimal P is principle n is number of years A is present value A = P(1+nr) Compound Interest Interest compounded annually A = P(1+r)ᴺ r is annual rate as a decimal P is principle N is number of years A is present value Interest compounded biannually A = P(1+(r/2))^(2n) r is annual rate as a decimal P is principle n is number of years A is present value Interest compounded quarterly A = P(1+(r/4))^(4n) r is annual rate as a decimal P is principle n is number of years A is present value Interest compounded monthly A = P(1+(r/12))^(12n) r is annual rate as a decimal P is principle n is number of years A is present value Interest compounded daily A = P(1+(r/365))^(365n) r is annual rate as a decimal P is principle n is number of years A is present value Interest compounded continuously A = Pe^rt e = 2.718282 r is annual rate as a decimal P is principle A is present value t is loan period in years Mortgage payment A = Pr / (1 – (1 + r)⁻ⁿ) A is the periodic amortization payment P is the principal amount borrowed r is the percentage rate per period; for a monthly payment, take the Annual Percentage Rate (APR)/12 n is the number of payments; for monthly payments over 30 years, 12 months x 30 years = 360 payments. |
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