Hey maybe don’t show the question if there isn’t an answer!
It varies, interest is typically paid monthly or quarterly depending on the type of account it is. Checking accounts ususally pay interest monthly while savings and certificates typically pay interest quarterly. It is up to the bank on how often they pay interest.
Generally a personal checking account which earns intrest will credit the acct. Monthly
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.
Simple interest is calculated on the principal amount only, which may sound like a good idea at first. The problem with simple interest loans is that the interest is calculated daily instead of monthly. This means you will end up paying more in interest with a simple interest loan.
This really depends on your interest rate and how often your interest rate is calculated. Let's assume you have a 4% interest rate, compounded, that is calculated once per month. That equals just under $110 per day! A higher/lower interest rate can change things drastically and how often your interest is calculated can as well. If your interest is calculated annually, you won't really make much. If your interest rate is .2%, the effect is the same. A 4% rate is common enough and monthly calculation on compound interest is also pretty normal. If you had 1 million dollars to put into a savings account however, you'd probably already know these money facts! Enjoy!
7.2/12 = 0.6
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.
It varies, interest is typically paid monthly or quarterly depending on the type of account it is. Checking accounts ususally pay interest monthly while savings and certificates typically pay interest quarterly. It is up to the bank on how often they pay interest.
The answer depends on how frequently the interest is calculated. If it is calculated only at the start, then 1088.12.If it is calculated annually on the outstanding balance, then 827.88If it is calculated monthly on the outstanding balance, then 795.58
"per diem" is Latin for "by days" Interest calculated "per diem" would be calculated every day, not monthly or yearly.
If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83
get the difference of interest rate and monthly periodic payment
Generally a personal checking account which earns intrest will credit the acct. Monthly
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.
There is no single best interest calculator. At the same time, if you have a good standing with your bank, you should only be charged the calculated interest. Take a look at: ncalculators.com/interest/monthly-interest-calculator.htm
Simple interest is calculated on the principal amount only, which may sound like a good idea at first. The problem with simple interest loans is that the interest is calculated daily instead of monthly. This means you will end up paying more in interest with a simple interest loan.
Compounded daily means interest is calculated and added to the account balance every day, resulting in slightly higher overall returns compared to compounding monthly, where interest is calculated once at the end of each month. This difference is due to the more frequent compounding events in daily compounding.