# math

Find the total number of compounding periods and interest rate per period.

Princial: \$700, time period :8yrs , nomial rate: 1.5%, interest compounding :monthly, copounding amount________, compound interest_______

* i need to figure outhe compounding amount & compound interest

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1. Not sure what "compounding amount" means.
If you mean the final amount after adding the interest, just apply the usual formula, which you surely have.

A = 700(1+.015/12)^(12*8) = 789.19
To find just the interest, subtract the original \$700, leaving just \$89.19

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posted by Steve

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