Help with an intrest rate problem.? - monthly compound interest rate calculator
I have some difficulties with a problem of interest. "If you put 16,700 of the annual interest rate of 6% and the interest is compounded monthly, how much interest would be made after the first month?
So wouldnt take 16700 * 6%, then multiplied by 12 because I get to 83.5 million, but I have a simulator very interesting and has a different answer.
Monthly Compound Interest Rate Calculator Help With An Intrest Rate Problem.?
2 comments:
$ 16,700 * (06/12) = $ 83.50. Your answer seems good to me.
Here is a very good explanation of how compound interest
http://id.mind.net/ ~ zona / MMTS / Operation ...
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