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Compound Interest problems
September 9, 2020 / Leave a comment
Compound Interest example problem
Suppose you make a deposit of $8,000 in the bank account that earns you 5.5% interest. Assuming that you are not withdrawing any funds, find the amount, in dollars, that will be in your bank account 1 year from the date of your initial deposit if
a) Interest is compounded daily
b) Interest is compounded monthly
c) Interest is compounded quarterly
d) Interest is compounded continuously
Solution to this Compound Interest practice problem is given in the video below!
TRY IT YOURSELF example question
On January 1, 2021 you borrow a $15,000 loan from the bank with a 7.5% accrued interest. If you do not plan on making any payments during the loan period, find the total balance of your loan, in dollars, that you will owe to the bank on January 1, 2022 for
a) Daily compounded interest
b) Weekly compounded interest
c) Monthly compounded interest
d) Quarterly compounded interest
e) Semi-annually compounded interest
f) Continuously compounded interest
Daily compounded loan balance: $16,168
Weekly compounded loan balance: $16,167
Monthly compounded loan balance: $16,164
Quarterly compounded loan balance: $16,157
Semi-annually compounded loan balance: $16,146
Continuously compounded loan balance: $16,168
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