How to calculate $250 per month @ 12% per annum compounded monthly for 5 years?

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How to calculate $250 per month @ 12% per annum compounded monthly for 5 years?

2007-01-26 03:54:47 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance

2 answers

your future value will be 20,417.42.

2007-01-26 04:02:01 · answer #1 · answered by six_foot_2_midget 5 · 0⤊ 0⤋

If you have a computer, use an Excel Worksheet.
Have the following columns
Month. OBalance. Amount . Total Interest 1% Total
1 0 250 250 2.50 257.50
2 257.50 250 507.50 5.075 512.125

Like this continue the calculations for 60 months. Just copy Row 2 for subsequent 58 rows. That will do. you will have the answer.

2007-01-30 03:21:07 · answer #2 · answered by subasu 6 · 0⤊ 0⤋