Prime interest rate
You wish to deposit $500 per month into an account for 36 months. Assume your interest rate is equal to the prime interest rate.
a) How much do you have (total) in the account after 36 months?
b) How much of that total is interest?
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You wish to deposit $500 per month into an account for 36 months. Suppose your interest rate is equal to prime interest rate.
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