calculate the interest gained on the balance at the end of the month

To calculate the interest gained on a balance at the end of the month, we typically use the formula for **simple interest** or **compound interest**. Could you please clarify which type of interest you are asking about, and provide the following information?

1. **Principal balance (P):** The initial amount of money on which interest is calculated.
2. **Interest rate (r):** The interest rate for the period (usually annually, but we can adjust for monthly interest).
3. **Time period (t):** The duration for which the interest is calculated (in months).
4. **Interest type:** Simple or compound interest?

If you're looking for compound interest, I can also provide you with the formula:
\[
A = P \left( 1 + \frac{r}{n} \right)^{nt}
\]
Where:
- \( A \) is the amount at the end of the period (principal + interest),
- \( P \) is the principal,
- \( r \) is the annual interest rate,
- \( n \) is the number of times interest is compounded per year,
- \( t \) is the time in years.

Let me know how you'd like to proceed, and I can walk you through the calculation!

Calculate the interest gained on the balance at the end of the month.

Learn how to calculate the interest gained on a balance at the end of the month. This guide covers simple and compound interest formulas, with step-by-step instructions for both methods. Ideal for high school students (Grades 9-12) and anyone learning about finance.

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