$21,000 @ 6% interest compounded for 4 years

[AznMthr]

i learned this in school back in the day but forget how to do it. is there a chart or something online you can punch in numbers to see?

 

[xospec1alk]

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

google is your friend

 

[ribbon13]

http://www.sci.wsu.edu/~kentler/Fall97_101/nojs/Chapter2/section3.html

 

[RossMAN]

Financial Calculators FTW!
http://calculators.interest.com/index.asp

 

[Azurik]

Holy consecutive replies! Nevermind my google.

 

[mugs]

Amortization calculator

http://ray.met.fsu.edu/cgi-bin/amortize

$493.19

 

[compuwiz1]

12% is 1 percent per month, so 6 percent would be .5% per month.

 

[ManSnake]

Originally posted by: AznMthr
i learned this in school back in the day but forget how to do it. is there a chart or something online you can punch in numbers to see?

6/12 = 0.5% a month

 

[DaShen]

21000*1.06^4 ? Am I missing something.

(21000*1.06^4) / 48 months for monthly payments.

 

[Azurik]

I'm assuming this is a loan? You don't pay equal amounts per month if it is compounded interest though, do you?

 

[Gibson486]

http://forums.anandtech.com/messageview...atid=38&threadid=1768540&enterthread=y

 

[Mackie2k]

Current Savings Balance $ 21000
Additional Monthly Investment $ 0
Number of Months to Save 48
Rate of Return % 6.00


Accumulated Balance : $26,511.99

 

[Lemon law]

Technically, it depends how often you compund the interest---yearly, monthly, semimonthly, daily, or semi minutely.
Kinda a diminishing return thing, the more frequent the compounding the less additonal benefit you get. You gotta read the fine print to be sure.

But checking my HP calculator--------1.06 (Y to the X) four times 21000 yields $26,512.0162.------which would represent yearly compounding------$26,602.1717 would represent semi-annual-----$26,680.2723 monthly, $26,695.7061 daily compounding including the leap year day.------I could go on but no chart necesssary to know you are probably being cheated.------and some of the calculation assumtions get dubious----do I divide .06 by 365 or 365.25?------and I don't want to hear from that astronmer type pointing out the solar year is only approximated by 365.25.

But wanna bet that the bank gives you less generous compounding terms when they are borrowing vs. Lending?

 

[Juice Box]

PERT!!!!

P*e^(r*t) ftw

 

[Al Neri]

Originally posted by: AznMthr
i learned this in school back in the day but forget how to do it. is there a chart or something online you can punch in numbers to see?

You don't PUNCH numbers into a calculator. You enter the number. I hate when people say that.

 

[JDrake]

p(e)^rt

 

[OdiN]

Originally posted by: Don Rodriguez

Originally posted by: AznMthr
i learned this in school back in the day but forget how to do it. is there a chart or something online you can punch in numbers to see?

You don't PUNCH numbers into a calculator. You enter the number. I hate when people say that.

*puts down hole punch* Damn...I was just going to enter some zeros...

 

[Mark R]

Is the 6% APR or AER? (Is this a loan or savings?)