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You deposit 900 in a saving account that earns 4 percent interest compounded once a year and has no service charges you do not make any deposit or withdrawals to the account for two years at the end o?
Wiki User
∙ 14y ago
result= (original)x(1+ rate/frequency)^ (frequency)(time) x= (900)x(1+0.04/1)^ (1)(2) x= 973.44
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∙ 14y ago
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You deposit 900 in a savings account that earns 4 interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for 2 years at the end of 2 year?
$973.44 Mostly your account would become dormant. Most banks have some specifications of the number of minimal transactions that need to be done on an account for it to remain active. If you do not have any deposits/withdrawals for more than 1year the account would become dormant and you may have to visit the branch and re-activate it.
What is the annual opportunity cost of a checking account that requires a 500 minimum balance to avoid service charges. Assume an interest rate of 3 percent?
15.00
What is the annual opportunity cost of a checking account with a 6.5 percent interest rate that requires a 350.00 minimum balance to avoid service charges?
$350 * 6.5% = $22.75
How much interest will 20000 earn in three years if invested at 10 percent compounded monthly?
Short of a loan shark or (equivalently) a credit card company, nobody charges or offers 10% interest per month (equivalent to 214% annually). But, that is what you asked for so the answer is 20,000*[(1 + 10/100)12*3 - 1] = 20,000*[1.136 - 1 ] = 618,254 - 20,000 = 598,254 (approx).
Who charges the highest on interest rate loans?
They are called loan sharks.
You deposit 900 in a savings account that earns 4 percent interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for two years at the end?
$973.44
You deposit 900 in a savings account that earns 4 interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for 2 years at the end of 2 year?
$973.44 Mostly your account would become dormant. Most banks have some specifications of the number of minimal transactions that need to be done on an account for it to remain active. If you do not have any deposits/withdrawals for more than 1year the account would become dormant and you may have to visit the branch and re-activate it.
What factors would you take into account when choosing a savings account?
interest charges
In 1964 a shilling was left in the Trustee Savings Bank can it still be redeemed?
I would like very much to say "Yes", but the advantages of compounded interest, especially on a small amount, would have been eroded by various taxes and bank charges applied to the account, not to mention your probable failure to declare the interest earned as income.
What is the bank profit?
Banks profit from interest income and other charges they levy on their account holders.
Anika magerhans would like to borrow 2000.00 for 60 days the bank charges ordinary interest of 30.00 what is the interest rate charged?
Well assuming it is compounded monthly then the total interest rate charged will be 3.765%. The total interest paid will be $75.30. There will be two payments of $1037.65.
What is the reason for overdraft charges from a bank?
Bank overdraft charges are the result of someone spending more money than they have in their bank account. The bank then charges interest on the overdrawn amount.
Can a corporation have a interest bearing checking account?
A corporation that is a for profit corporation cannot have an interest bearing checking account. However, it can have an earnings credit which is similar to an interest rate. With an earnings credit the interest earned on the Checking account is used to offset monthly fees/ charges on the account, if interested earned using the earnings credit is more than the total amount of fees/ charges it is considered a surplus and does not accrue to the checking account balance. A non profit corporation such as a 501.c.3 Can earn interest on Checking accounts due to the not for profit status.
Can you withdraw funds from PayPal back to your bank?
Yes, you can. Log into your PayPal account and use the "withdraw" tab and, provided that your PayPal account has been verified, you can transfer money back to your bank acount. There is a small charge for withdrawals below a certain limit. In the UK, PayPal charge 25p for withdrawals of less than £50, whereas withdrawals of £50 or more are free. Charges applicable to other countries can be seen in the link given below.
Can a corporation have an interest bearing checking account?
A corporation that is a for profit corporation cannot have an interest bearing checking account. However, it can have an earnings credit which is similar to an interest rate. With an earnings credit the interest earned on the Checking account is used to offset monthly fees/ charges on the account, if interested earned using the earnings credit is more than the total amount of fees/ charges it is considered a surplus and does not accrue to the checking account balance. A non profit corporation such as a 501.c.3 Can earn interest on Checking accounts due to the not for profit status.
Can a collection agency charge fees or interest in new jersey?
Collection agencies can't add charges. Fees and interest charged to your account are per the terms of your contract with the creditor.
What is good about interest-Bearing checking account?
There are many benefits one can receive on bank accounts which pay interest. Some of these include earning money while saving ones own. Some banks will waive service charges if ones account remains above a set dollar amount.
