What is the compound interest for $12,000 at 7% monthy for 12 months

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Guest Aug 12, 2014

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Best Answer

Interest rate is 7%=0.07 per year = 0.07/12 per month

FV (future value) = P(1+r)^n = 12000(1+0.07/12)^12

If you want just the interest you will need to subtract the 12000 from this answer.

Melody Aug 12, 2014

Melody · Answer 1 · 2014-08-12T09:59:44

Interest rate is 7%=0.07 per year = 0.07/12 per month

FV (future value) = P(1+r)^n = 12000(1+0.07/12)^12

If you want just the interest you will need to subtract the 12000 from this answer.