How banks calculate interest on saving account? – InterviewSolution

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1.

How banks calculate interest on saving account?

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Answer:

To calculate the interest from a SAVINGS account, you'll NEED the following pieces of information:

The amount of your deposit or the amount you lend, using the variable “P” for principal.

When interest is CALCULATED and PAID (yearly, monthly, or DAILY, for example), using “n” for the number of times per year.

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