find the interest rounded to the nearest dollar
$60 at the end of each month
5% compounded monthly
math - MathMate, Tuesday, August 16, 2011 at 9:33am
I assume 5% is annual interest compounded monthly.
Use the compound interest formula:
P=monthly payment, =$60
r=interest rate per period = .05/12
n=number of periods = 30*12
From the future value, subtract the total of monthly payments over 360 months at $60 per month to get the interest.