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Lets say you deposit 1 million dollars in a bank. lets see how much interest the money will gain in a bank
It depends on how you deposit the money 1 million. Checking accounts usually pay very little or 0 interest so we won't be taking that as an option.
a. Savings Account - Savings account usually earn around 1% interest per year. So it will be: 833.33 dollars in 1 month
b. Certificate of Deposit - CD's usually earn around 4% interest per year. So it will be: 3333.33 dollars in 1 month
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∙ 13y ago
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Can you save money with a high interest savings account?
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.
How much is the interest if you loan money in an cooperative bank?
It depend on the amount you saving
Why do banks pay their customers interest on the money in their bank accounts?
Banks make money by loaning out money that has been deposited in the bank and charging interest on it. They are limited as to how much money they can loan by how much money has been deposited in the bank. To encourage people to deposit money in the bank they offer to pay some interest on the deposits. The interest paid on the deposits is less than what they charge people who borrow that money. For example: they might pay 1% annual interest on a deposit of $100,000 - which will cost them $1,000. While that money is on deposit, they loan out $80,000 of it at 5% interest - which makes them $4,000 - for a profit of $3,000. They interest they pay to their customers is an inducement for them to make deposits so that they have more money to loan out and thus can make more money.
How much money does 1000000 dollars gain in interest per year?
it depends on the percentage rate.
How much money do you need in the bank to generate an income of 3000.00 a month?
It depends on the interest rate.
How much interest do you get on HorseIsle?
Depends on how much you have in the bank. I make 3k with 70k in the bank in like 4 days. The more money you have in the bank the more interest you get.
Can you save money with a high interest savings account?
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.
How much is the interest if you loan money in an cooperative bank?
It depend on the amount you saving
I don't understand how much interest will I draw on $50/ for one year?
Each month the bank calculates your average daily balance times the interest rate. Seeing that each month you will gain money from interest being paid out, your average daily balance will be higher. The more money to calculate the interest rate against, the higher the payout.
Why do banks pay their customers interest on the money in their bank accounts?
Banks make money by loaning out money that has been deposited in the bank and charging interest on it. They are limited as to how much money they can loan by how much money has been deposited in the bank. To encourage people to deposit money in the bank they offer to pay some interest on the deposits. The interest paid on the deposits is less than what they charge people who borrow that money. For example: they might pay 1% annual interest on a deposit of $100,000 - which will cost them $1,000. While that money is on deposit, they loan out $80,000 of it at 5% interest - which makes them $4,000 - for a profit of $3,000. They interest they pay to their customers is an inducement for them to make deposits so that they have more money to loan out and thus can make more money.
How much money does 1000000 dollars gain in interest per year?
it depends on the percentage rate.
What is the purpose of a bank statement?
to show you any events that happened with your money (deposits, withdrawls, fees, interest earned) and to show you how much money you have in your bank account
How much money do you need in the bank to generate an income of 3000.00 a month?
It depends on the interest rate.
How much money will be in a bank account after 3 years if 4 is deposited at an interest rate of 5 percent?
$4.63
How much interest does money get a year in a bank?
It depends on the type of deposit you have placed your money in. For ex: in India the money you will get in a year for a Rs. 10,000 deposit is as follows: a. Current account - They offer 0% interest. So, Money Earned = 0 b. Savings Account - They offer 3.5% interest. So, Money Earned = Rs. 350/- c. Fixed Deposit - They offer around 8% interest. So Money Earned = Rs. 800/- Though all banks in India offer 0% interest on current and 3.5% interest on savings account, the rate of interest offered on fixed deposits vary from bank to bank. It will be between 7% and 10% and the money you earn will vary accordingly.
How do people decide how much money to invest?
There are many ways how people decide how much money they should invest. It will depend mostly on their circumstance, to gain advice on how much to invest it is best to visit your bank.
How much interest does icici bank give?
Hi, For complete details on the interest rates contact the bank concerned
