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Eric earns 6.5 percent simple interest annually on his savings account he has a beginning balance of 459.32 How much interest does he receive?
Wiki User
∙ 14y ago
29.86
Wiki User
∙ 14y ago
Pandaz
$12.76 for A+
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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?
The simple interest over a period of five years is $463.70
A bank account yields 7 percent interest compounded annually If you deposit 1000 in the account what will the account balance be after five years?
Per annum compound interest formula: fv = pv(1+r)^t Where: fv = future value pv = present (initial) value r = interest rate t = time period Thus, fv = 1000*(1+0.07)^5 = 1000*1.4025517307 = $1402.55
What is the answer of the balance in the compound interest account 1400 after 3 years at 5.5 percent?
The question doesn't tell us the compounding interval ... i.e., how often theinterest is compounded. It does make a difference. Shorter intervals makethe account balance grow faster.We must assume that the interest is compounded annually ... once a year,at the end of the year.1,400 x (1.055)3 = 1,643.94 (rounded)at the end of the 3rd year.
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 if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
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.
Calculate the simple interest you would receive in one year on a savings account that earns 5 percent annual interest What if your beginning balance is 255.19?
12.76
Calculate the simple interest you would receive in five years on a savings account that earns 7.5 percent annual interest What if your beginning balance is 1236.59?
463.72
Roxanne deposited 300 into a savings account earning 5 annually What is her balance after 1 year?
Roxanne deposited $300 into a savings account earning 5¼% annually. What is her balance after 1 year
What is the interest compounded annually when 5000 is invested in an account paying 6.38 percent interest for 10 years?
At the end of the first year, the balance in the account is: 5000(1+.0638). At the end of the second year, the balance in the account is: 5000(1+.0638)(1+.0638). At the end of the third year, the balance in the account is: 5000(1+.0638)(1+.0638)(1+.0638). At the end of the t year, the balance in the account is: 5000(1+.0638)^t. So, at the end of the tenth year, the balance in the account is 5000(1+.0638)^10 = 9,280.47. $5,000 is your principal, and the remaining ($9,280.47 - $5,000) = $4,280.47 is the interest.
Which type of checking account pays interest on the mean balance of the account during a particular cycle?
Average Balance account
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?
The simple interest over a period of five years is $463.70
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
Do you pay taxes on saving account balances?
you don't pay taxes on the balance, you are however responsible to pay taxes on any interest earned over $10 annually. Unless the savings account has been registered as an IRA
What is the difference between interest rate and APY when you are shopping for a certificate of deposit?
APR simply reflects the annual interest rate that is paid on an investment, but doesnÕt take into effect how interest is applied. APY takes into account how often the interest is applied to the balance, which can vary daily to annually.
What amount of money in a checking or a savings account upon which interest is based?
The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.
You have a savings account that provides 5% interest, compounded annually, on your total balance. You put $1000 in the account 10 years ago but forgot about it (you haven’t added more money and you haven’t withdrawn money)?
The final amount is $1,647.01
