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    mathhelpneeder's Avatar
    mathhelpneeder Posts: 1, Reputation: 1
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    #1

    Feb 27, 2011, 07:16 AM
    Simple Interest Equation?
    what is an equation for this?

    Noah deposits $20 in a savings account at the beginning of January and makes no more deposits. The bank adds interest to his account at a rate of 1.2% per month.

    m=month
    a=amount
    galactus's Avatar
    galactus Posts: 2,271, Reputation: 282
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    #2

    Feb 27, 2011, 08:35 AM



    P=principal, r=rate of interest, n=number of compoundings in one year. In this case, 12.
    t=time invested.



    Is the amount in the bank after one year.
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