Question 1144521
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<pre>
The 1.5% annual interest compounded monthly is nominal (i.e., NOT factual).


The factual multiplicative rate of growth is  {{{1 + 0.015/12}}}  per month.


It means, that at the end of every month the amount at the account increases with the factor {{{1 + 0.015/12}}}.


So, the original amount of 12000 dollars will be  {{{12000*(1+0.015/12)}}}  dollars at the end of the 1-st month;

                                         will be  {{{12000*(1+0.015/12)^2}}}  dollars at the end of the 2-nd month;

                                         will be  {{{12000*(1+0.015/12)^3}}}  dollars at the end of the 3-rd month;


     . . . . . . .   and  so  on  . . . . . 


                                         will be  {{{12000*(1+0.015/12)^12}}}  dollars at the end of the 12-nd month, 
                                         i.e. after 1 year.


So, after 1 years (12 compounding periods) the amount will be  

    Future Value = {{{12000*(1+0.015/12)^12}}} = 12181.24  dollars.


The factual annual interest is then  {{{(12181.24-12000)/12000}}} = 0.015103 = 1.5103%.


The formula for the future value works for any given number of compounding periods, too

    Future Value = {{{12000*(1+0.015/12)^n}}} ,


where "n" is the number of months.
</pre>

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Notice that your post is INCOMPLETE, since it does not say how long is the total time period.


The correct question should be


<pre>
    What are the total amount and the interest in 1 year ?   in 2 years ?  in 5 years ?    or in 18 months,  and so on . . . 
</pre>

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As my gift to you please consider this relevant lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compound interest percentage problems</A> 

at this site.


I hope it will make your knowledge wider and deeper.