5% interest monthly or annually?
I enjoy see bank offer 5% interest if I put in X dollars. Do they pay cheque 5% monthly or annually and compounding?
Thanks!
Answers:
5% is your annual interest
the interest though, is certainly compounded monthly. In other words, 5% a year does not = 0.42% per month (5% divided by 12 months) -- you would receive smaller quantity than that per month.
stated rates are other annual rates
The 5% interest is usually compounded annually.
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Thanks!
Answers:
5% is your annual interest
the interest though, is certainly compounded monthly. In other words, 5% a year does not = 0.42% per month (5% divided by 12 months) -- you would receive smaller quantity than that per month.
stated rates are other annual rates
The 5% interest is usually compounded annually.