Q: Calculate the simple interest you would receive in five years on a saving account that earns 7.5 annual interest Your beginning balance is 1236.59?

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29.86

The answer is 255.19*0.05 = 12.7595 which means you will get 12.75 because a bank is unlikely to round up in your favour!

No. If the account is earning interest the current amount should be greater than the initial deposit.

You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.

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the minimum balance witin the month times times pevailing interest rate multiplied by month and divide by 12

Average Balance account

The answer is 255.19*0.05 = 12.7595 which means you will get 12.75 because a bank is unlikely to round up in your favour!

Interest payable is liability account and have a credit balance as a normal balance.

The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.

The formula used to calculate your interest is the principle balance, multiplied by the monthly interest rate. Then you mulitply that by the number of months in which you last paid interest.