SOLUTION: I have to figure out compound interest that is compounded monthly. I can get most of the equation, but its the time that I mess up on. $7500 at 9% interest compounded monthly for

Question 1085598: I have to figure out compound interest that is compounded monthly. I can get most of the equation, but its the time that I mess up on.
$7500 at 9% interest compounded monthly for 5 years?
Its the 5 years that I do not know how to figure in the equation.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
I have to figure out compound interest that is compounded monthly. I can get most of the equation, but its the time that I mess up on.
$7500 at 9% interest compounded monthly for 5 years?
Its the 5 years that I do not know how to figure in the equation.
--------------
5 years = 60 months.
Interest is 9%/year = 0.75%/month --> 0.09/12 = 0.0075
=============================
7500*(1+0.0075)^60
= $11742.61
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