calculate compound interest of an investment of 7000 at 1.3 percent monthly for 8 years

Question

for the question, above how do you determine the amount

Answer 1

If the problem means a monthly interest rate of 1.3% then

P = Po*(1.013)^(12*8)

P = 7000*(1.013^96)

P = 7000*3.45546703828

P = 24188.2692679

but it's money so:

P = 24188.27

that's the total, but the question asks for interest, so we have to subtract out the 7000 we started with

Pinterest = 24188.27 - 7000

Pinterest = 17188.27

Answer:  $17,188.27