Each unit owner will be required to pay $26.69 monthly for 3 years or 36 payments.. That amount of money will accumulate to $213,802 in those t3 years at a 9% compounded rate, or $36,198 in accumulated interest for the period. Together these numbers total $250,000.
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If the interest is simple interest, then the value at the end of 5 years is 1.3 times the initial investment. If the interest is compounded annually, then the value at the end of 5 years is 1.3382 times the initial investment. If the interest is compounded monthly, then the value at the end of 5 years is 1.3489 times the initial investment.
IF the interest is compounded monthly, as on a revolving credit card or an investmentwhere monthly compounding is expressly stated, then the interest at the end of eachmonth should be 1.05% .It will compound monthly ... guaranteed ... on a revolving debt; that is, whereyou owe somebody else money. But where somebody else owes you money,don't assume that there's any compounding at intervals of any less than a year,unless it's clearly stated in so many words. If it only says "12.6 percent annually",then your money could lay there for 364 days without earning a dime.
Hum, I think you would want it to compound monthly. Since your capital is going down monthly, your interest charges would go down every month. If you compound it every 6 months, you end up paying for capital you already paid, 2,3,4 or 5 months before. If, your capital never goes down then interest charges compounded monthly would be higher instead of semi0annually. Your interest would just add up to your capital, making your next interest charge higher. Unless, I am mistaken, your mortgage payment is almost always higher then capital + interest cahrges for the month. Therefore, you capital is always decreasing. I have heard of some cases where the payment is lower, but I see how the math would work out (and how the guy would ever pay off his mortgage) HERE IS THE NOTATION: NOTATION: I = Note percentage rate i = Monthly percentage rate = I/12 (so that the APR = (1+i)^12 - 1) T = Term in years Y= I•T X = ½ I•T = ½ Y n = 12•T = term in months L = Principal or amount of loan P = monthly payment
90,000
1.5% monthly
14.651
It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %
If not compounded monthly, a monthly interest rate is simply 1/12 of the annual rate. Things do get complicated, though if the interest is compounded monthly. An annual interest rate of R% is equivalent to a monthly rate of 100*[(1 + R/100)^(1/12) - 1] %
If you need a monthly income then obviously a monthly income is better. If the monthly interest is not withdrawn then it makes no difference because the annual interest rate is usually equal to the compounded monthly rate.
On monthly compounding, the monthly rate is one twelfth of the annual rate. Example if it is 6% annual, compounded monthly, that is 0.5% per month.
"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
$194.25 if interest is compounded annually. A little more if compounded quarterly, monthly, or daily.
If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83
Compounded annually: 2552.56 Compounded monthly: 2566.72
At 8% per month, compounded, it will take just 1.2 years. However, with monthly interest such that its annual compounded equivalent is 8% (roughly 0.64% each month), it will take 14.27 years.
With the same rate of interest, monthly compounding is more than 3 times as large.The ratio of the logarithms of capital+interest is 3.
$73053.88 when compounded month your yearly rate would be 0.061678% * * * * * True, but in real life the quoted interest rate, "6 percent compounded monthly", should read "an interest rate, such that, if it were compounded monthly, would give an annual equivalent rate of 6 percent". The equivalent of 6% annual is 0.487% monthly since 1.0048712 = 1.06