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What else can I help you with?
Do you have to pay taxes on CDs?
Yes, you generally have to pay taxes on the interest earned from CDs as it is considered taxable income by the government.
Do you have to pay interest on a bank overdraft?
do you have to pay interest on a band overdraft ?
What is cause about the bankruptcy of a bank?
The same as it is for individuals: the bank is not able to pay its bills when due, and has a huge number of no-pay or slow-pay loans outstanding.
How does bankruptcy afact your credit?
you will pay high interest rates when you borrow money
Why do you receive interest on money that you keep in the bank?
The bank is paying you (compensating you) for the use of your money. When you borrow money from the bank, you pay them interest.
Does the bank open accounts for children and does the bank pay interest?
Yes but it depends on the bank.
Do you have to pay taxes on earnings from CDs?
Yes, earnings from CDs are typically subject to taxes, including interest income earned on the CD. It is important to report this income on your tax return and pay any applicable taxes on it.
Why can a bank afford to pay an interest rate on a savings account?
because the bank lends money out at a higher interest rate
What is the journal entry to pay the interest on a loan?
Debit interest on loanCredit cash / bank
By definition a bank that pays simple interest on a savings account will pay interest?
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What is a bond and how interest are paid?
Bond could for instance be if you lend money to the government. They would pay you an interest like if you would pay an interest in the bank.
What does it mean to pay interest on an account?
The term pay interest is usually used along with loan accounts. This is the charge/money you pay a bank for the lending facility they have extended to you. For Ex: If I borrow USD 1000 from a bank @ 5% rate of interest per year, I have pay $50 as interest every year to the bank for the $1000 loan they gave me. If I plan on paying it in 10 equal installments, I will pay $105 every month for 10 months to repay the $1050 I owe the bank. Here the $5 I pay every month can be considered as "Paying Interest on my Loan Account"
