WHAT'S THE FORMULA? | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Search Search
Go to Bottom
No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
WHAT'S THE FORMULA?
January 23, 2009
8:07 pm
Roc
Guest
Guests
Go to Top
1sp_Permalink sp_Print

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

January 23, 2009
10:19 pm
guest
Guest
Guests
Go to Top
2sp_Permalink sp_Print

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?

January 28, 2009
4:32 am
Mike
Guest
Guests
Go to Top
3sp_Permalink sp_Print

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

No permission to create posts
sp_Feed All RSS
Go to top

Please write your comments in the forum.