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"Interest" is the amount of extra money you earn or you have to pay back.
The Compound Interest formula that will be used is: A = P(1 + r)t.
A = The amount of money (including the accrued interest) after __ years/months or the compound amount. P = The principal saved or owed. r = The interest rate earned per year t = The time period of the loan or amount saved (notice that the time is put into the “power” position)
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