text: if the interest rate is 6.50% what will be the amount of interest received if £500 is saved monthly for 1 year   if you had a financial calculator this is what you would do ( i personally use 10bii).  basically, first you are looking to find out the total amout you would have in your account after one year   i=.54( that's 6.5% divided by 12 month) pmt= -500 ( what you put in every month) n=12 ( number of compounding periods in 1 yr) then press fv, and you get fv= 6,181.44 ( that's the total amount in your account after 1 year , which includes the interest earned)   6,181.44-6000=181.44( that's the amount of interest earned after one yr). hope this helped