Understanding the formulas for compound interest.
What is the equation to compute loan payment for a multimonth car loan at a fixed interest?© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/finance/understanding-the-formulas-for-compound-interest-3i9
...decimal. (So if the interest rate is 12%, r equals 0.12). Then the monthly interest is r/12
Your balance will grow according ...