IN.gov | The Official Website of the State of Indiana

The 3% interest is an annual percentage rate (APR) – the total interest to be paid during the year. Since interest is being paid monthly, each month, we will earn 3%/12 = 0.25% per month. ... ($1000 a month for 240 months). The difference between what you pulled out and what you started with is the interest earned. In this case it is $240,000 ... ................
................