Interest on your account is typically received either monthly or yearly, depending on the specific terms of your account agreement with the financial institution.
To convert a yearly interest rate to a monthly interest rate, divide the yearly rate by 12. This will give you the equivalent monthly interest rate.
$156.08
If the monthly interest rate is 0.6%, you can multiply that by 12 to get an approximation of the yearly rate. For an exact calculation (involving compound interest), you basically convert the interest rate (0.6% a month) to a factor - that is, your total money increases by a factor of 1.006 (i.e., 1 + 6%) a month. You can raise this to the power 12 to convert it to yearly, then subtract one to convert it back to an interest rate. For small interest rates, as in this case, the result should be fairly close to the above quick estimate.
1,820-apex test answer
Henry Devine bought a new dishwasher for $ 320. He paid $20 down and made 10 monthly payments of $34. What actual yearly interest rate did Henry pay?
To convert a yearly interest rate to a monthly interest rate, divide the yearly rate by 12. This will give you the equivalent monthly interest rate.
$156.08
Account B
monthly,quarterly, semi annual, or yearly
"per diem" is Latin for "by days" Interest calculated "per diem" would be calculated every day, not monthly or yearly.
It is [1 - (1.015)^12]*100 % = 19.56 %
Monthly
If the monthly interest rate is 0.6%, you can multiply that by 12 to get an approximation of the yearly rate. For an exact calculation (involving compound interest), you basically convert the interest rate (0.6% a month) to a factor - that is, your total money increases by a factor of 1.006 (i.e., 1 + 6%) a month. You can raise this to the power 12 to convert it to yearly, then subtract one to convert it back to an interest rate. For small interest rates, as in this case, the result should be fairly close to the above quick estimate.
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.
It is 3884.97 dollars.
Yearly
well there are those who pay monthly and yearly it depends.