The total money in six years will be $265.
<h3> How much is the interest rate for 12% compounded monthly?</h3>
"12% interest compounded monthly" means that the interest rate is 12% per year (not 12% per month), compounded monthly.
Thus, the interest rate is 1% (12% / 12) per month. "1% interest per month compounded monthly" is unambiguous.
<h3>How do you calculate compounded interest annually?</h3>
Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one.
The total initial amount of the loan is then subtracted from the resulting value. Katie Kerpel {Copyright} Investopedia, 2019.
Learn more about compound interest here:
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