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How you get interest rate?
First you need a bank account and money you put the money in the bank account, wait for a year or two and then you get more money in your bank account
Why people use a bank?
1. You gain money from having money in a bank (around 1% per year.) Interest 2. You keep your money safe.
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 does the bank reward you for putting your money in the bank and what is this called?
The bank rewards you by giving you an interest. Interest is the money that you get for having your money deposited in a bank account. For ex: let's say you deposit Rs. 10000/- in a fixed deposit with a bank. The bank will pay you let's say 8% interest per annum (the rate varies from bank to bank and from country to country) which effectively means that, for having your money (Rs.10000) deposited with the bank for one year, the bank will pay you Rs. 800/- that's your reward.
How much interest does money gain in a bank?
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
How you get interest rate?
First you need a bank account and money you put the money in the bank account, wait for a year or two and then you get more money in your bank account
Is there a tax every year on the money that you have in your bank account?
The interest that is earned on bank accounts is taxable yearly.
Why people use a bank?
1. You gain money from having money in a bank (around 1% per year.) Interest 2. You keep your money safe.
What is bank interest?
Interest is basically where the bank pays you for putting your money in one of their accounts. If you open a savers account in a bank and you put in £20, you will get about £1 every year for saving with them.
Jim has 500 in his bank account at the start of the year If his account pays out 3.4 percent interest compounded monthly how much money should he have at the end of the year?
704
How much money would you have if you put 100 in the bank for a year at 2 percent?
That depends whether the bank is giving you simple interest or compound interset and if it is compound interest is it compounded daily, monthly, quarterly, halfyearly and so on. Assuming it is simple interest, at the end of the year will have 100 + 2 = 102 dollars.
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.
Susan deposits 5000 in a bank at simple 6 percent interest annually after one year how much money does she have?
Money deposited P: 5000 Rate of Interest r: 6 no. of years n: 1 Interest I = p * n * r / 100 = 300 Total money at the end of one year = P + I = 5300
How does the bank reward you for putting your money in the bank and what is this called?
The bank rewards you by giving you an interest. Interest is the money that you get for having your money deposited in a bank account. For ex: let's say you deposit Rs. 10000/- in a fixed deposit with a bank. The bank will pay you let's say 8% interest per annum (the rate varies from bank to bank and from country to country) which effectively means that, for having your money (Rs.10000) deposited with the bank for one year, the bank will pay you Rs. 800/- that's your reward.
If you have a 100 dollars and you could put in bank for a year at 5 percent interest what is the opportunity cost if you spend the money now?
The interest.
How much interest does money gain in a bank?
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
Tanya deposited 325.00 in a bank that pays 7 annual interest how much interest will she earn after a year?
About 23 cents if and only if the minimum balance remains at that amount for 1 year and the bank pays compound interest annually.
