What is the answer to 315.95 (1+19.56/12)3

what I owe on my hydro bill is 315.95 the annual interest rate is 19.56% I've owed this for 3 months and the compounded monthly inerest is 1.5%
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1 Answer

19.56% is 19.56/12=1.63% per month=0.0163 as a fraction.

The growth after 3 months is 1.0163^3=1.0497 approx. Therefore the amount owing would rise to 1.0497*315.95=331.65.

If the monthly rate had been 1.5% the growth would have been 1.0457 and the amount owing 330.38.

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