Question 1

How much is $10,000 at 7% compounded monthly for 3 years?

Accepted Answer

About $12,329.26, of which $2,329.26 is interest.

Question 2

What is the difference between APR and EAR?

Accepted Answer

APR is usually the nominal yearly rate before compounding; EAR includes compounding within the year.

Question 3

Does daily compounding make a big difference?

Accepted Answer

Compared with monthly, only a little; at 7% over 3 years it adds about $7 on $10,000.

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