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how to get monthly compound interest. They do however work in a similar way. Once you have those you can go through the process of calculating compound interest.
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Amount that you plan to add to the principal every month or a negative number for the amount that you plan to withdraw every month. Monthly Compound Interest Formula P 1 R 1212t P. And in this method interest rate will divide by 12 for a monthly interest rate.
Youll need to convert from percentage to decimal format to complete these steps.
A Final amount. What is your monthly interest rate and how much would you pay or earn on 2000. It is a compounded return so using rule of 72 you can see your money doubles every 72 years. A P 1 rn nt.
