[SOLVED] Bank Intrest

[DJTim666]

I am trying to calculate 0.01%.

 

What I have now VV

<?php

$num_for = number_format($userinfo['bank']);
$bank_interest_action = ceil($userinfo['bank'] / 1000);
$bank_interest = number_format($bank_interest_action);

?>

 

--

DJ

[cooldude832]

The solution to daily interest was solved on this forum earlier last week, I forgot which one it is sorry, but the guy who started it was like blojohg or somethign like that.  You might want to search for it and your answer is there.

[deadonarrival]

Are you trying to find simple interest or compound interest?

Is your interest rate per day, week, month, year?

How often is interest paid?

 

Detail please

 

And to find 0.01% you divide by 10,000.

 

if 100 is your original figure, then 100% = 100

1% = 1, which is 100/100

0.1% would be 0.1, or 100/1000

0.01% is 0.01, or 100/10000

 

100% of anything is n/1

10% is n/10

1% is n/100

0.1% is n/1000

0.01 is n/10000

 

Etc

[TheFilmGod]

Compound continuosly (however you spell it)

 

pe^(rt) = $$$ Made

 

p = principle (what you first invested)

e = mathematical irrational number, sorta like pi

r = rate (how much %)

t = how long will you compound continously

 

Compound by a certain time period

 

p(1 + r)^t = $$$ Made

 

p = principle

r = rate

t = time compounded (in years)

[otuatail]

What you need to do is something like this

 

$cost = 23.56;

$interest = .001;

$totalcost = $cost * ($interest +1);

$totalinterest = $cost * $interest;  // Interst part only

 

echo money_format('%i' , $totalcost );

 

Desmond.

 

[marcus]

Main formula for interest, yearly is:

 

$formula = $x * (pow((1 + ($i/100)),$n));

 

x being your starting money.

i being your interest rate.

n being the amount of years to calculate over.

 

x * (1*($i/100))^$n