apr annual percent rate?

Question

what is the formula for apr. i got this numbers : quantity = 17,500 , apr% = 1 % , months = 72. what is the formula and where i place this numbers.

Answer 1

define i = apr/12
P = quantity (principle)
n = time (months in this case)

The calculation formula for payments is

p = iP/(1-1/((1+i)^n))

plugging in the numbers,

p = (0.01/12)(17,500)/(1 - 1/((1+0.01/12)^72))

Oh, if you just want future amount at compound interest,

A(i,n) = A(1+i)^n

A = 17,500(1+0.01/12)^72

Answer 2

A(n) = A(0)*(1+r/100)^n

A(n) = amount after n periods
A(0) = initial amount
r is the percentage rate per period
n = no of periods.