Question: how to calculate compound interest with monthly rests?
Answer: Monthly Compound Interest = Principal(1+\frac{Rate}{12})^{12*Time} – Principal.
Monthly Compound Interest = Principal(1+\frac{Rate}{12})^{12*Time} – Principal.
Monthly Compound Interest = 5000(1+\frac{8}{100*12})^{2*12} – 5000.