LibraryDeposits
$600
Interest
$0
Final balance
$600
$600 short of the goal.
Monthly contribution
$50
Monthly milestones
| Month | Opening | Interest | Deposit | Balance |
|---|---|---|---|---|
| 1 | $0 | $0 | $50 | $50 |
| 2 | $50 | $0 | $50 | $100 |
| 3 | $100 | $0 | $50 | $150 |
| 4 | $150 | $0 | $50 | $200 |
| 5 | $200 | $0 | $50 | $250 |
| 6 | $250 | $0 | $50 | $300 |
| 7 | $300 | $0 | $50 | $350 |
| 8 | $350 | $0 | $50 | $400 |
| 9 | $400 | $0 | $50 | $450 |
| 10 | $450 | $0 | $50 | $500 |
| 11 | $500 | $0 | $50 | $550 |
| 12 | $550 | $0 | $50 | $600 |
Timing used throughout: monthly interest (annual rate ÷ 12) is added to the opening balance first, then your contribution arrives at the end of the month. Rates are hypothetical and fixed.