If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83
The simple interest over a period of five years is $463.70
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.
sue will bugget 1.25 of her 50 monthly allowance if he follow the advice he is given of saving 2.5 of the amount.If someone saves 2.5 percent of $50 it would be $1.25. To solve this multiply the amount of the allowance by the percent, so 50 multiplied by .025.
178.50 saving 31.50
If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83
The current interest rates of US Saving Bonds are 0.2 percent for Series EE Bonds. Series I Bonds have interest rate of 1.18 percent. Series HH Bonds have interest rate of 1.5 percent.
The saving accounts that have the best interest rates according to Money Saving Expert is a Sandantar account which has a astonishing 3% annual interest rate.
The simple interest over a period of five years is $463.70
£160.00
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.
annual for eating, biennial for seed saving
saving account interest rate is now 4% that is best
17.3884% saving.
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.
sue will bugget 1.25 of her 50 monthly allowance if he follow the advice he is given of saving 2.5 of the amount.If someone saves 2.5 percent of $50 it would be $1.25. To solve this multiply the amount of the allowance by the percent, so 50 multiplied by .025.
bank pays bonus and interest on saving accounts