How Can I Determine The Monthly Interest To Be Earned On A Money Market Account?
I would like to know the formula for calculating how much of an interest credit should appear on my statement for my money market account. What is the formula for a CD? For example, if the APY on the mma is 3% and I have a balance on my account for $10,000, how much of a credit should I see monthly? For a CD, if the CD matures and the rate is 5% on 10,000, should my payout be $500?? What are the formulas??
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It depends. You need to look at the APR to find out the monthly interest. If the interest is compounded daily or monthly, then the bank will give you an APY - which is the Annual Yield. So if the APY is 5% then you should get 500 on a $10000 CD.
Check out any book on compound interest abd also find the frequency of compounding on your account and you will be able to calculate the monthly credits to your account.
3% for a MMA seems pretty good! Which bank ?
Check out any book on compound interest abd also find the frequency of compounding on your account and you will be able to calculate the monthly credits to your account.
3% for a MMA seems pretty good! Which bank ?
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answered 2 months ago
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