Certificate of deposit- did i seize ripped bad?
i put 700 dollars in a Certificate of Deposit and they give me a 4.98 percent interest a month and i only get 25 dollars total i did the math and 4.98 percent of 700 is around 34 dollars. did i do the matjh wrong or did i get ripped past its sell-by date?
Answers: You were almost within with your calculation:
700 * 5% (easier math) = $35 per year
$35 per year / 12 months = 2.91 per month
8 month cd X $2.91 per month = $23.33.
(Note: most banks in reality compute interest based on the daytime - so months that have 30 versus 31 versus 29 days would if truth be told be a little different)
What be the term of the compact disc? Interest rates are quoted on an annualized basis. Sounds close to you might have have a 9-month CD.
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Answers: You were almost within with your calculation:
700 * 5% (easier math) = $35 per year
$35 per year / 12 months = 2.91 per month
8 month cd X $2.91 per month = $23.33.
(Note: most banks in reality compute interest based on the daytime - so months that have 30 versus 31 versus 29 days would if truth be told be a little different)
What be the term of the compact disc? Interest rates are quoted on an annualized basis. Sounds close to you might have have a 9-month CD.