Okay, for all of you financial wizards out there, please help me figure the following out. Suppose that I have a lump sum of money. 6000 dollars. If it is sitting in a bank, making 3.15% compounded MONTHLY, and I want to take out 500 dollars a month, how much will I have left at the end of the year.
3.15 percent compounded monthly
500 removed per month
= what balance at end of year?
Please give me formula for this…. thanks, ncnblog.
Also, what would the formula look like if I not only took OUT 500 a month, but put back say 200 a month. How do you compute this. Thanks again.