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why end of the month will be Amount x 1.05%?
There's an error in the working. 0.5% interest is paid monthly, not 5%.
x 1.05 means calculation was based on 5% instead of 0.5%.
It should be x 1.005 instead.
x 1.05 means calculation was based on 5% instead of 0.5%.
It should be x 1.005 instead.