[PDF] double balance double interest rate

How do you calculate a double monthly interest?

double monthlyInterest = balance * monthlyInterestRate; totalInterest += monthlyInterest; balance += monthlyInterest; Methods like setDeposit and setWithdraw are misleading. They add or deduct, not set. Instead deposit and withdraw would be better names. Now on to comments.

How to add monthly interest rate to a balance?

The monthly interest rate is the annual interest rate divided by 12. To add the monthly interest to the balance, multiply the monthly interest rate by the balance and add the amount to the balance. The class should also has mutator and accessor methods for each data field.

Which balance method incurs higher interest charges?

On the other hand, the average daily balance method will likely incur higher interest charges than the adjusted balance method because the latter bases finance charges on the current billing period’s ending balance.

How long does it take to Double A bank account?

For this intellectual exercise, we must assume that there are no deposits, fees, withdrawals, or other interferences. For this example, the formula would simply be 1 divided by .10, which is the same as stating 10%. This would result in a doubling time of 10 years. Notice that the original balance does not affect the time to double.