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The monthly rate fo interest on a certificate of deposit varies by maturity and also by the bank. Interest rates in the United States are close to an all-time low and consequently, rates on COD's will be low. The average interest rate for a 3 month COD right now is .20%. The average interest rate for a 6 month COD right now is .40%. And the average rate for a 12 month COD right now is .80%.
What else can I help you with?
If Cameron has a 21 annual interest rate what is his monthly interest rate?
To find the monthly interest rate from an annual interest rate of 21%, divide the annual rate by 12 (the number of months in a year). So, 21% ÷ 12 = 1.75%. Therefore, Cameron's monthly interest rate is 1.75%.
What is the monthly rate of interest that will yield an annual effective rate of 12 percent?
To find the monthly rate of interest that yields an annual effective rate of 12 percent, you can use the formula for the effective annual rate: ( (1 + r)^n - 1 ), where ( r ) is the monthly interest rate and ( n ) is the number of compounding periods in a year (12 for monthly). Setting up the equation: ( (1 + r)^{12} = 1.12 ). Solving for ( r ) gives ( r = (1.12)^{1/12} - 1 ), which is approximately 0.009488 or 0.9488%. Therefore, the monthly interest rate is about 0.9488%.
How nominal interest rate and effective interest rate are charged in a savings account?
The nominal interest rate is the stated annual interest rate on a savings account, not accounting for the effects of compounding. The effective interest rate, on the other hand, reflects the actual interest earned over a year, considering the frequency of compounding (e.g., monthly, quarterly). For example, if interest is compounded monthly, the effective interest rate will be higher than the nominal rate, as interest is calculated on previously earned interest. When choosing a savings account, it's essential to consider both rates to understand the true return on your investment.
What is AER in banking?
Annual Equivalent Rate. This tells you how much you would have to pay in interest on a loan over the period of a year when you are quoted a rate per month, or how much interest you would be paid per year on an account which quoted a monthly rate.
What is the monthly interest payment on 10 thousand dollars borrowed against a credit card with 19.9 percent APR?
Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)
If Cameron has a 21 annual interest rate what is his monthly interest rate?
To find the monthly interest rate from an annual interest rate of 21%, divide the annual rate by 12 (the number of months in a year). So, 21% ÷ 12 = 1.75%. Therefore, Cameron's monthly interest rate is 1.75%.
What does 2 percent monthly interest translate to in annual interest?
Multiply the monthly interest rate by the number of months is a year to calculate the annual interest rate: 2% x 12mo = 24%
What is your monthly interest rate at 9.75 percent on 365.00?
Assuming that the interest rate is 9.75% per year, the answer will depend on how often the interest is compounded.
What is the monthly rate of interest that will yield an annual effective rate of 12 percent?
To find the monthly rate of interest that yields an annual effective rate of 12 percent, you can use the formula for the effective annual rate: ( (1 + r)^n - 1 ), where ( r ) is the monthly interest rate and ( n ) is the number of compounding periods in a year (12 for monthly). Setting up the equation: ( (1 + r)^{12} = 1.12 ). Solving for ( r ) gives ( r = (1.12)^{1/12} - 1 ), which is approximately 0.009488 or 0.9488%. Therefore, the monthly interest rate is about 0.9488%.
What is the daily interest rate if the annual interest rate is 16.75 percent based on 365 days in the year?
If the interest rate yearly is 16.75% then the daily interest rate will be 16.75%. The daily, weekly, monthly, or hourly rate doesn't change from one time frame to the next.
What is the monthly interest rate for a annual interest rate of 6 percent?
22. The spot Yen/US$ exchange rate is Yen119.795/US$ and the one year forward rate is Yen114.571/US$. If the annual interest rate on dollar CDs is 6%, what would you expect the annual interest rate to be on Yen CDs?
How nominal interest rate and effective interest rate are charged in a savings account?
The nominal interest rate is the stated annual interest rate on a savings account, not accounting for the effects of compounding. The effective interest rate, on the other hand, reflects the actual interest earned over a year, considering the frequency of compounding (e.g., monthly, quarterly). For example, if interest is compounded monthly, the effective interest rate will be higher than the nominal rate, as interest is calculated on previously earned interest. When choosing a savings account, it's essential to consider both rates to understand the true return on your investment.
What is AER in banking?
Annual Equivalent Rate. This tells you how much you would have to pay in interest on a loan over the period of a year when you are quoted a rate per month, or how much interest you would be paid per year on an account which quoted a monthly rate.
How much interest per month is an investment of 150000 at 4 percent?
That would really depend on the investment strategy, are you getting 4% per month, per year or per week (yes they are all possible)? 4% of $150,000 is $6,000. If your interest rate is annual then monthly return would be $500. If your interest rate is monthly then it would be $6,000 and of coarse weekly interest rate of 4% would give you $24,000 monthly. It all comes down to interest rate over what period of time then factored by the month. 6000$
Caleb bought a car for 6900. He agreed on a five- year loan at a 5.4 interest rate. Calculate what Caleb and monthly payments will be.?
To calculate Caleb's monthly payments for a $6,900 car loan at a 5.4% annual interest rate over five years, we can use the formula for an amortizing loan. The monthly interest rate is 5.4% divided by 12, or approximately 0.0045. Using the loan formula, Caleb's monthly payments would be approximately $131.86.
What is the monthly interest payment on 10 thousand dollars borrowed against a credit card with 19.9 percent APR?
Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)
Which formula determines the interest amount on a loan?
Current (principle balance) x (interest rate per year) x (amount of time). Examples: ~for calculating monthly interest, it would be (principle balance) x (interest rate) / 12. ~for daily interest, it would be (principle balance) x (interest rate) / 365.
