You invest $25/month at a rate of 3.25% apr compounded monthly for 30 years. what is the total interest earned and final balance?

The total interest earned is 40.75 and the final balance is 65.75

Solution:

Given, principle amount P = 25

Interest rate

Times compounded per year n = 12

Time in years t = 30

On substituting the values we get

Interest I = A - P [since, A = P+I]