Linda has joined a Christmas Fund Club at her bank. At the end of every month, december through october inclusive, she will deposit of $40 in her fund. If the money earns at the rate of 7% year compound monthly, how much will she havein her account on december 1 of the following year?

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.