Can someone find the monthly compound interest for this -

P=$12,433

R = 1.25% p. a

N = 1 year

0.104%

Step-by-step explanation:

Let r be the monthly interest rate

With annual rate, at the end of the year, amount is

12433 (1 + 0.0125) = 12,588.4125

If compounded monthly

12433[ (1+r) ^12] = 12433 (1+0.0125)

(1+r) ^12 = 1.0125

(1+r) = 1.001035746

r = 0.001035746

Monthly interest rate = 0.10357r6%

0.104% (correct to 3sf)