Recently, more money 4u offered an annuity that pays 5.4% compounded monthly. if $1,132 is deposited into this annuity every month, how much is in the account after 12 years? how much of this is interest

Rate = rate / 12 months  =.054 / 12 = .0045

Total = 1,132 *[(1.0045)^13 -1 / .0045)] - 1,132
Total = 1,132 * [(1.0601058573 -1 / .0045] - 1,132

Total = 1,132 * [(.0601058573 / .0045] - 1,132
Total = 1,132 * 13.3568571853 -1,132

Total = 1,132 * 13.3568571853

Total = 15,119.96 -1,132

Total = 13,987.96

put like terms together.orremember that the 45 becomes negative when moved to the other side.orthe minuses cancel out.