How i calculate deposit rate of interest?

Question

How i calculate deposit rate of interest?

Answer 1

formula for simple int: PTR/100

P= principle(amt)

T= time

R= rate of int

Answer 2

It depends on how your bank compounds interest.

So if you have monthly compounded interest and deposited $100 and got in interest rate of 12% (this is about four times any real savings rate, but this is an example). So every month, you'll be getting 1% (1%=0.01). So, in one year, at a fixed interest rate, the formula would be $100*(1+0.01)^12 =

$112.68.