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When Taffy has a savings account with National Bank She earns 4.5 percent annual simple interest on 1239.12 How much will her money earn in interest in one year?
To calculate the interest earned in one year, use the formula for simple interest: ( \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} ). Here, the principal is $1239.12, the rate is 4.5% (or 0.045), and the time is 1 year. Thus, the interest earned will be ( 1239.12 \times 0.045 \times 1 = 55.76 ). Taffy will earn $55.76 in interest in one year.
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Cindy has a savings account with National Bank She earns 4.5 percent annual simple interest on 1239.12 What amount will she receive in interest in one year?
$55.76 = $1239.12 x 0.045
Jerry invested 14000 in a certificate of deposit at 5 percent he also put 2500 in a savings account at 3 percent how much interest will he earn after?
775
The annual interest rate of Paul's savings account is 7.2 and simple interest is calculated monthly What is the periodic interest rate of Paul's account A1.8 B0.6 C0.4 D0.9?
7.2/12 = 0.6
Jackie invested 12000 in a certificate of deposit at 6. She also put 3000 in a savings account at 3. How much interest will she earn after one year?
To calculate the interest Jackie will earn after one year, we can use the formula for simple interest: Interest = Principal × Rate. For the certificate of deposit (CD), the interest is ( 12,000 \times 0.06 = 720 ) dollars. For the savings account, the interest is ( 3,000 \times 0.03 = 90 ) dollars. Therefore, the total interest earned after one year is ( 720 + 90 = 810 ) dollars.
Why don't bank's hold 100 percent reserves?
The bank uses your deposited money to give out loans. They then use the interest on those loans to pay you a slightly smaller interest rate on your deposition, and skim 1-2% for their own profit. In short, when you put your money into a savings account, you are telling the bank to loan your money to qualified borrowers. If a bank kept a 100% reserve, they would be unable to pay you any interest on your savings, and they would be unable to make any profit. You'd might as well just burying you savings in a hole in the back yard.
Savings account A has 1500 and pays 3.5 percent interest yearly Savings account B has 1400 and pays 4 percent interest yearly The savings account that earned the most interest after one year is?
Account B
What are the interest rates on a savings account?
Savings account interest rates can vary depending on where you're banking. These can rand from 2 percent all the way down to .65 percent. This also depends on where you have your account and how long you've had it for or if you open an account up during these interest rate deals.
What is a compound interest savings account?
Its where your savings account earns interest on the interest.
Cindy has a savings account with National Bank She earns 4.5 percent annual simple interest on 1239.12 What amount will she receive in interest in one year?
$55.76 = $1239.12 x 0.045
You opened a savings account with the deposited 5000 in a six percent interest rate compounded daily what is the amount in the account after 180 days?
If you opened a savings account and deposited 5000 in a six percent interest rate compounded daily, then the amount in the account after 180 days will be 5148.
What are the typical interest rates on a savings account?
The typical interest rates on a savings account is around one to three percent. You can ask bank of america or us bank. Wells Fargo offers the highest percentage on savings.
Ryan wants to place 700 into a savings account for five years He wants to deposit 400 at 4.0 percent interest and the rest in another account at 6.5 percent interest What would his amount of interest?
177.50
Eric earns 6.5 percent simple interest annually on his savings account he has a beginning balance of 459.32 How much interest does he receive?
29.86
1000 dollars in a savings account pays 7 percent interest per year The interest earned after the first year is added to the account How much interest is earned on the new principal the following year?
$74.90
Why do you pay 13 percent interest on a car loan but earn 1.5 percent on a savings account?
Because loan sharks have to earn an honest living.
What makes a savings than a checking account account a better investment?
A savings account earns interest.
What's one difference between a checking account and a savings account?
savings account earns interest.
