Question

arnold deposits 300 at the end of each month into an account that pays 14.4 compounded monthly. After he has made 96 payments, arnold’s account contains 53572.25. After he made 240 payments, Arnold’s account contains 412787.15. How much interest did Arnold receive between his 96th payment and his 250th payment

Answer 1

You can solve the question Easily by using Financial Calculator. Method Step by Step mentioned below:

Press PMT -300, I/Y= 14.4/12= 1.2%, N= 96

Press CPT and FV then you will find 53572.25

This amount has principal and interest, then we minus Principal= 300*96 months = 28800.

Interest= 53572.25-28800= 24772.25

Press PMT -300, I/Y= 14.4/12= 1.2%, N= 250

Press CPT and FV then you will find 468251.18

This amount has principal and interest, then we minus Principal= 300*250= 75000

Interest= 468251.18-75000= 393251.18

Interest between 96th and 250 are 393251.18-24772.25= 368478.93 Answer