math

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find the interest rounded to the nearest dollar
periodic deposit
\$60 at the end of each month

Rate
5% compounded monthly

Time
30 years

• math -

I assume 5% is annual interest compounded monthly.

Use the compound interest formula:
Future value
=P((1+r)^n-1)/r
where
P=monthly payment, =\$60
r=interest rate per period = .05/12
n=number of periods = 30*12
then
Future value
=60*((1+0.05/12)^360-1)/(0.05/12)
=49935.52

From the future value, subtract the total of monthly payments over 360 months at \$60 per month to get the interest.

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