2,000,000 at 8% interest per month for 1 year

Interest Calculation: 2000000 at 8% 2,000,000 at 8% interest per month for 1 year For calculate the interest earned on 2,000,000 at an 8% monthly interest rate for 1 year, we'll first convert the annual interest rate to a monthly rate. 8% per year is equivalent to 0.08 / 12 = 0.00667 per month. Next, we calculate the interest earned each month: Month 1: 2,000,000 * 0.00667 = 13,333.33... And so on, repeating this calculation for each . 13,333.33×12=159,999.96 Total amount=2000000+159,999.96