Calculate compound-interest-2000-at-3pct-for-15-years

Calculate simple interest, compound interest, loan payments and more — step by step.

Problem

Answer

Interest: $-1,158.30, Total: $-3,158.30

To calculate compound interest on $-2,000.00 at -3.0% for -15.0 years (compounded annually), follow the step-by-step solution below.

Step 1 — Write the formula

A = P × (1 + r/n)^n×t

Step 2 — Identify the values

P = $-2,000.00 (principal), r = -3.0% = -0.03 (annual rate), n = 1 (compounds per year), t = -15.0 (years)

Step 3 — Substitute and calculate

A = -2,000.00 × (1 + -0.031)^{1 × -15.0}

= -2,000.00 × (0.970000)^-15

= -2,000.00 × 1.579152

= $-3,158.30

Step 4 — Find the interest earned

Interest = A − P = -3,158.30 − -2,000.00 = $-1,158.30

Interest: $-1,158.30 | Total: $-3,158.30

How to calculate compound-interest-2000-at-3pct-for-15-years

Follow the step-by-step solution above to see how compound-interest-2000-at-3pct-for-15-years is solved.

This is a Finance — financial calculation

Frequently asked questions

What is the answer to compound-interest-2000-at-3pct-for-15-years?
The answer is Interest: $-1,158.30, Total: $-3,158.30.

What method is used?
Financial calculations use formulas for interest, present/future value, and amortization to determine costs and returns over time.

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