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Discussion forum General financial discussion WHAT'S THE FORMULA?

WHAT'S THE FORMULA?  
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8:07 pm
January 23, 2009


Roc

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Attention Math Wizards:

What are some of the formulas to calculating interest? I know that simple interest is calculated using I = Prt (Interest = Principle x rate x time). There must be another formula out there? I have a 1YR GIC with Outlook Financial paying 3.55% on $126,500.00 and I'd like to know what's my balance at year end? In my case that would be : ($4490.75=$126,500.00x0.0355x1)????(My math is so bad that I require a calculator just to answer the skill testing math question in order to write this blog!!!!)

thanks

10:19 pm
January 23, 2009


guest

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Your math is correct. Therefore your balance at the end of the year would be P + I = $126,500.00 + $4,490.75 = $130,990.75 My question to you is: If you're so bad at math, how did you manage to save that much in the first place? Inheritance?

4:32 am
January 28, 2009


Mike

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Good for you for saving so much! Cash is king these days.

3.55% for a 1yr GIC is a great deal today too. Congrats.

Mike
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