Find the compounded interest on GH 10,000 at 12% rate for 10 months compound monthly

The principal amount ($P$) is GH₵ 10,000.
The annual interest rate ($r$) is 12%, which is 0.12 in decimal form.
The interest is compounded monthly, so the number of times interest is compounded per year ($n$) is 12.
The time period ($t$) is 10 months, which is $\frac{10}{12}$ years.

The formula for the total amount ($A$) with compound interest is:

The compound interest ($CI$) is then $CI = A - P$.

The monthly interest rate is $\frac{r}{n} = \frac{0.12}{12} = 0.01$.
The total number of compounding periods is $nt = 12 \times \frac{10}{12} = 10$.

Substitute the values into the formula:

Subtract the principal from the total amount:

The compound interest is GH₵ 1046.22.