By which formula shall I calculate the amount for the following problem:
Let say I want to buy a product, for which, I need to pay monthly installment of Rs500 , for 3 Months and rate of interest is 12% per annum.
The amount which needs to be deposited in saving bank account is ?.
Here its 1470.
Similarly for 6000 to be received in 3 months the rate of interest is 5.9 Amount deposited = 17824.
500 - Per month
2 - time in month
0 - Rate of interest p.a --> Principal =1000
Not able to understand the formula to calculate the amount deposited