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A money lending institution compounds interest monthly at 12% annual rate. How much interest is to be paid a month for 5000 rupees

A money lending institution compounds interest monthly at 12% annual rate. How much interest is to be paid a month for 5000 rupees
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A money lending institution compounds interest monthly at 12% annual rate. How much interest is to be paid a month for 5000 rupees

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User Gpichler
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the amount of interest to be paid a month for 5000 rupees at 12% annual rate is 500*(1/12)*0.12 = 50 rupees
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User Hargo
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