How much would 500 invested at 5 % interest compounded monthly be worth after 6 years?
A=2 5 percent annual interest rate = (5/365) = 0.0136986 percent daily (rounded).(1.000136986)(365 x 8) = 1.4917838 (rounded). That's the value of $1 invested at 5% compounded daily for 8 years.Your $500 would become ($500 x 1.4917838) = $745.89. ChaCha!
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About 0 Interest
0% interest simply means that a loan is granted to someone with no interest and all the consumer needs to pay back is the amount of the loan with no additional fees.
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