what would $500.00permonthsavedatcurrentinterestratesforsixyearsyield?

Question

if you saved $500.00permonth for sixyearsusing currentintertestrateswhatwouldbeyourtotalsaved

Answer 1

Principal would be 500 X 12 X 6 = 36000 dollars and if the interest rate is 4% (I am in India and don't know the rates in USA), you can approximate the interest as 4% of 18000 for 6 years and that would be 4300 dollars. So, you will have about 40K.