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Updated over 12 years ago,
Figure out Int earned on an anuity?
Some one who is willing to loan me money has an annuity, but is unsure how much int they are earning. I obviously would be paying a higher interest then she is earning. Lets say she had $29484.00 at the start of the quarter. At the end of the quarter she had a balance of $30,750.00. Increase of $1266.00. The increase is Interest only. No deposits from her. So what is the Formula to figure this out?