Simple Interest

Principal x interest rate (written as a decimal)= simple interest (for one year)

Principal x interest rate (written as a decimal) x time (number of years or fraction of a year)= simple interest 

Compound Interest

A = P (1 + r/n)^nt

A= amount after t years

P= Principal (amount invested or borrowed)

r= interest rate written as a decimal

n= number of interest periods per year

t= number of years the money is invested or borrowed

Continuously Compounded Interest

A=Pe^rt

A= amount of money after t years

P= principal (amount invested or borrowed)

t= number of years P is invested or borrowed

e= e button on a scientific calculator

Monthly Payment Formula

M= Lrk/12(k-1)                 k=[1 + (r/12)]^12t

M= monthly payment

L= amount of loan

r= interest rate written as a decimal

t= number of years the loan is in effect

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