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In simple interest, 50,000 would earn 1,500 in one year.
$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
187.32
322.7
161.35
An amortization table would give you the answer. If this is a real life situation and you are in the US you would be getting screwed at this rate of interest.
In simple interest, 50,000 would earn 1,500 in one year.
677.00
$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
635.24
313.37
648.68
187.32
322.7
161.35
572.56
283.52