Quote:
Originally Posted by Platapus
PS. using an amortization calculator, at 1% interest, $100.00 per month for a year will result in a profit of $193.53 over the investment of $1,200. Hardly enough to retire on but a pretty expensive cup of coffee.  |
That's funny, using a savings calculator I come up with $5.53 profit.
$1.00 initial savings balance (It required a starting value).
$100 per monthly deposit
1% interest compounded monthly
For 1 year
-----------------
$1206.53 savings balance
http://www.bankrate.com/calculators/...alculator.aspx
Maybe I'm banking in the wrong place!
