If Joe has 12070.75 dollars in his money market account and his monthly interest rate is 0.495 percent what would be the dollar amount of interest added to his account every month?

If Joe has 12070.75 dollars in his money market account and his monthly interest rate is 0.495 percent what would be the dollar amount of interest added to his account every month?
0.495 % = 0.00495

0.00495 x 12,070.75 = 59.75

So after the first month will be added $ 59.75.

12,070.75 + 59.75 = 12,130.50

0.00495 x 12,130.50 = 60.05

So after the second month will be added $ 60.05. And so on.