We have discussed about Simple And Compound Interest using 2 case studies previously based on concepts understanding. Now we have introduced formulaes which will make your calculation faster and easier :)

To find the Total Amount based on **Simple Interest**, this is the formuale you can use:

An : Total Amount after n years

P: Original Principal Amount

r: Simple Interest Rate

n: Number of Years

To find the Total Amount based on **Compound Interest**, this is the formuale you can use:

An : Total Amount after n years

P: Original Principal Amount

r: Compound Interest Rate

n: Number of Years

Apply these formulaes to the case studies we have discussed, did you get the same answer?

Congrats!Now you have 2 different approaches, the formulae way or the conventional way to solve all Interest questions.

Keep using the strategies learnt so that you get better and better.

josiah says

excellent