Math help request

[PartyGalCrystal]

Hi all,

I recently ran into this site and I am hooked!! I am really trying to buckle down and stop spending and wasting. I am also really trying to figure out ways to work on our emergency fund as well. I just looked up all my info on a ING account I opened when i was pregnant. I think that might be the best choice for us because we cannot seem to save money. As soon as that account balance goes up something happens to make it go right back down and I want to stop that!!

I am clueless when it comes to figuring out all the interest stuff. I want to figure out how it is done so I can play with numbers and kinda go ok if I had this much fo ra month in my account the interest would be... Does anyone have a formula floating around that may help me figure this out?

4.410% (4.50% APY)




Thanks in advance!

29 married living in Central Fl with a 22 month old DS working full time and selling romance products PT 2 beagle 3 cats and 7 fish that sums us up LOL

[Lady_V]

Principal x rate x time = interest

[treeluva]

Does it compound? If it is compounding interest, say monthly, then that would be Principle x .375%= new balance.... and it goes on that way every month you take last months principle + any money you added to it x .375%= new balance.