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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?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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Is savings account interest accrued and posted monthly?
It depends on the terms and conditions etc of the type of savings account. Some savings accounts have interest calculated monthly (on daily balances), and credit the amount of interest to the account monthly. Others do an annual calculation of interest, also based on daily cleared balances, but only credit the account once a year. If interest is credited each month, each subsequent month you also get interest on the interest previously credited to the account. Alternately, if the interest is paid/credited only annually, the sum credited is the total interest for the year. Interest rates are quoted taking these factors into account. An account which credits interest monthly will always pay a slightly lower Gross rate of interest than an account that has an annual interest period. This is to take account of the fact that the return on an account where the balance is increasing monthly (due to interest being added each month) will always give a higher return in the year compared to an an account with the same Gross interest rate, but which is calculated and credited only once a year.
What is the monthly return of 1000 invested in saving account with 5.8 monthly interest?
If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83
Is simple interest at 4.25 percent better than compound interest at 4.25 percent?
Simple interest is the interest you earn on your principal, IE the amount of your original investment. For example, you put 1000 dollars in a saving account paying 3% per annum. At the end of the year you will have earned 30 dollars on that one thousand dollars. If you leave the principal and interest in the account for another year you will earn another 30.00 on your original 1000 dollars plus .90 interest. on the first 30.00 dollars interest. This gives you a total of 1060.90 in your second year. In each succeeding year you will earn interest on your interest plus interest on your original principal which, if left alone will add up to a substantial some given the power of compound interest. One caveat, compound interest is a double edged sword. If you have a loan and fail to make your monthly payments on time, compound interest will gut you financially.
If you were to borrow twenty-five thousand dollars at a 10 percent interest for 36 months what would be your monthly payment?
763.89
Jim has 500 in his bank account at the start of the year If his account pays out 3.4 percent interest compounded monthly how much money should he have at the end of the year?
704
Is savings account interest accrued and posted monthly?
It depends on the terms and conditions etc of the type of savings account. Some savings accounts have interest calculated monthly (on daily balances), and credit the amount of interest to the account monthly. Others do an annual calculation of interest, also based on daily cleared balances, but only credit the account once a year. If interest is credited each month, each subsequent month you also get interest on the interest previously credited to the account. Alternately, if the interest is paid/credited only annually, the sum credited is the total interest for the year. Interest rates are quoted taking these factors into account. An account which credits interest monthly will always pay a slightly lower Gross rate of interest than an account that has an annual interest period. This is to take account of the fact that the return on an account where the balance is increasing monthly (due to interest being added each month) will always give a higher return in the year compared to an an account with the same Gross interest rate, but which is calculated and credited only once a year.
What is the monthly return of 1000 invested in saving account with 5.8 monthly interest?
If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83
When is your interest paid into your bank account?
Generally a personal checking account which earns intrest will credit the acct. Monthly
Can you save money with a high interest savings account?
Yes, a high interest account is a very desirable savings account because you will gain a decent amount of interest on your money. You will gain much more money if you get compound interest by saving more money into the account monthly.
The annual interest rate of Paul's savings account is 7.2 and simple interest is calculated monthly What is the periodic interest rate of Paul's account?
Hey maybe don’t show the question if there isn’t an answer!
The annual interest rate of Paul's savings account is 7.2 and simple interest is calculated monthly What is the periodic interest rate of Paul's account A1.8 B0.6 C0.4 D0.9?
7.2/12 = 0.6
Is simple interest at 4.25 percent better than compound interest at 4.25 percent?
Simple interest is the interest you earn on your principal, IE the amount of your original investment. For example, you put 1000 dollars in a saving account paying 3% per annum. At the end of the year you will have earned 30 dollars on that one thousand dollars. If you leave the principal and interest in the account for another year you will earn another 30.00 on your original 1000 dollars plus .90 interest. on the first 30.00 dollars interest. This gives you a total of 1060.90 in your second year. In each succeeding year you will earn interest on your interest plus interest on your original principal which, if left alone will add up to a substantial some given the power of compound interest. One caveat, compound interest is a double edged sword. If you have a loan and fail to make your monthly payments on time, compound interest will gut you financially.
How often does banks pay interest that is calculated?
It varies, interest is typically paid monthly or quarterly depending on the type of account it is. Checking accounts ususally pay interest monthly while savings and certificates typically pay interest quarterly. It is up to the bank on how often they pay interest.
What is the monthly interest payment on 10 thousand dollars borrowed against a credit card with 19.9 percent APR?
Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)
What is the monthly interest payment on 30 thousand dollars borrowed against a credit card with 30.0 percent apr?
$750 / month in interest rates.
How Do I Pay My Equated Monthly Installments?
Usually it is a monthly direct debit from your bank account within the situation of loans as well as an interest debit for your Cash Credit account within the situation of Overdraft/CC facilities.
Interest on maturity is better or monthly interest?
If you need a monthly income then obviously a monthly income is better. If the monthly interest is not withdrawn then it makes no difference because the annual interest rate is usually equal to the compounded monthly rate.
