Question

how to calculate a yearly interest into a monthly interest (compound)

Answer 1

\[Amount= P(1+\frac{(R/12) }{ 100 })^{12n}\]

Answer 2

@chuy99 is that r divided by 12?

Answer 3

yes

Answer 4

can i please have some help putting it into the formula?

Answer 5

@chuy99 so if i had 6% would i divide 6 by 12?

Answer 6

or 0.06?

Answer 7

.06

Answer 8

\[10000(1+\frac{0.06 \div 12 }{ 100 })\]

Answer 9

6% annual

becomes 6/12 % monthly

= 6/1200

Answer 10

which is same as,

0.06/12