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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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How much interest is earned in 9 months on a deposit of 7000 at 8 percent simple interest?
70 x 8 x 3/4 ie 420
How much interest you ii get for 5 lakh in 2 months in fix deposit?
The answer will depend on the rate on interest!
What is an interest baring CD?
An interest bearing CD (Certificate of Deposit) is when you deposit an amount of money, usually with a minimum limit, for a set amount of time, usually six months or one year. At the end of the term you can cash the CD in for the money plus interest earned. A good idea for making a little bit of money without having to part with it for too long.
Jo wants to put some money in a 15th month certificate of deposit accounts that pay 5 percent annual interest He wants the account to earn 200 in interest. How much money should he put in the account?
Amount to Deposit (P) = ? Time (N) = 15 months or 1.25 years Rate of Interest (R) = 5 Interest Earned = 200 Formula for Interest = P * N * R / 100 Rearranging the formula we get: P = Interest * 100 / N * R = (200 * 100) / 1.25 * 5 = 20000 / 6.25 = 3200 If they want to earn 200 interest they must deposit 3200 as the amount for the certificate of deposit.
What is the interest that a 510 deposit will earn in 3 months at 4.25 percent simple interest rounded to the nearest cent?
(5.1 x 4.25)/4 = 5.42
You deposit 750.00 in an account that earns 5 percent simple interest How much interest will your money earn in 6 months?
7.5 x 2.5 ie 18.75
What is a certificate of deposit?
When you put money in a savings account, you can draw it out at any time. In a certificate of deposit, you agree to leave it in the bank for a certain period of time. They pay slightly higher interest because they know that money will be there for 3 months, 6 months, 1 year, etc. If you draw it out early, they reduce your interest.
What does quarterly mean in compounded interest?
It means that the interest is paid out every three months (quarter year). That means that the interest paid out after 3 months is earning interest for the remaining nine months. The quarterly interest rate is such that this compounding is taken into account for the "headline" annual rate. As a result, if the quarterly interest is taken out, then the total interest earned in a year will be slightly less than the quoted annual rate.
What is 6.99 percent of 12000.00 for 72 months?
6.99/100 * $12000 * 72/12 = $5032.80 interest earned
How do you calculate interest of 6 months fixed deposit with the principal of 10000 and the interest rate is 8 percent?
The formula to calculate interest is as follows: Interest = Principal * No. of years * Rate of Interest / 100 So Interest = 10000 * 0.5 * 8 / 100 = 400/- The interest you will receive interest at the end of the 6 month period is Rs. 400/-
What do you get if You deposit 750.00 in an account that earns 5 percent simple interest How much interest will your money earn in 6 months?
Two and a half percent of 750 ie 2.5 x 7.5 which is 18.75
If 3000 is invested at 7 percent for 6 months how much simple interest is earned?
7% of 3,000 for 6 month
