Question 1201292
6000 * (1 + .05/12) ^ (15 * 12) = 12,682.22, rounded to the nearest penny.
you divide the annual interest rate by 12 to get an interest rate per month.
you then multiply the number of years by 12 to get the number of months.
an interest rate of 5% per year is equivalent to interest rate of .05 per year.