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Michaela Williamson
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What does officially credited mean?
added to account
What country was credited with the invention of the pulley?
It was Sicily!
Who is credited with inventing the steam engine?
Robert Fulton
What did Edwin Belin invent?
He is often credited as the inventor of television.
When was James watt credited for inventing the steam engine?
1830
Is interest credited to account taxable?
yes
What is entry for interest credited into Bank account?
bank account debit and interest payable credit
How much will a 1 dollar deposit be worth after 48 years if the interest rate paid by the bank is 6 percent?
At simple interest, it would be $3.88 (6 cents per year for 48 years = 2.88). At compound interest, credited annually, it would be $16.39 (rounded). At compound interest, credited quarterly, it would be $17.44 (rounded). Compounding means that once credited, the interest becomes part of the principal for the next interest period.
Is savings account interest accrued and posted monthly?
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.
What is the interest on a 1750000 deposit at 9.5 percent rate a year?
It depends whether the interest is compound or not. However, if the interest is credited at the end of the first year, you would have 166250 interest at 9.5%
What is the value of compound interest?
Compound interest increases the amount earned by adding credited interest to the principal, and interest will then be earned on that money as well. The longer the principal and interest remain in the account, the greater the earnings they will accrue.
In his book The General Theory of Employment Interest and Money what was Keynes credited with?
creating and shaping modern macroeconomics
What time of year do banks pay interest on your savings account?
Though Banks advertise interest rates of savings accounts in terms of " x% per annum (p.a)" , interest is credited to account on monthly basis, not yearly. That is, if your savings account balance is $1000 and your savings account interest rate is 10%p.a then you will get $100 as total interest for a year. ((1000$/100) x 10 = $100) But, you will be credited $8.33 monthly as interest. ($100/12 months = $8.33)Therefore, Banks do not have certain time of the year to pay interest on savings accounts, but they pay interest monthly. The day of the month where the interest will be credited is differ according to the bank and there is no standard mentioned.However, it is important to note that there are savings accounts with 0% interest rate (i.e Muslim banking systems) as well as savings accounts with multiple interest slabs and interest will be paid twice a month or more etc.
What is the difference between universal life insurance and the other alternatives?
Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, and any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a bond or other interest rate index.
What is enhanced whole life?
Whole life insurance that bases performance on current interest rates being credited and current mortality costs being charged
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
How do you record loan using cash basis accounting?
When the money for the loan is received it is recorded as cash. Payments are not recorded until the actual payments are sent out. This will be recorded as a debit to a loan expense account and credited directly to cash. The interest is debited directly to an interest expense account and credited directly to cash for the same payment. A compound entry can be used for this purpose. There is no loan payable or interest payable accounts for cash basis accounting.
