That depends on whether it's simple interest or compound interest.
If compound, then it also depends on how often interest is compounded.
$1,200 at 4% simple interest for 30 years adds up to $2,640.
$1,200 at 4% interest compounded quarterly for 30 years adds up to $3,960.46.
You can see that it does make a difference.
You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.
$11,573.02 if you deposit at the beginning of the quarter or $11,444.27 if you deposit at the end of the quarter
500 x 0.05 = 25 . so the interest you earn is 25 dollars each year if you deposit 500 dollars.
(1.035)16 = 1.73398604 $500 ===> $866.99 (rounded)
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
He pays $696.50 interest.
It is 223.86
First find out what the interest rate is from the money lender or deposit taker.