| Thread title | Replies | Last modified |
|---|---|---|
| Monthly Interest Rate | 1 | 19:29, 26 June 2011 |
Hi,
I may be wrong, but I think your formula to calculate the monthly interest rate, is wrong.
Using your example: 4.3% per year and initial amount of $1500 means after 1 year: A1 = 1500*1.043 = 1564,50. Your formula gives: A1 = 1500*(1+0.043/4)^(4*1) = 1565.55 (rounded).
Being a mentor I let you find out yourself, how to fix this ;)
Can you fix it? otherwise I will :P
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