Questions LLC
Login
or
Sign Up
Ask a New Question
Mathematics
Financial Mathematics
Compound Interest
A bank is offering a special three year investment certificate paying 3.25% per year, compounded monthly. How much interest would you earn by the end of the three years if you deposited $1500 in the account??
1 answer
{1500 [1 + (.0325 / 12)]^36} - 1500
You can
ask a new question
or
answer this question
.
Related Questions
Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the
Al invests $5,500, at 6% interest, compounded monthly for one year. Calculate the annual percentage yield for his investment.
May Wattson has 50000 to invest in a 4-year certificate of deposit that earns an interest rate of 3.75% compounded monthly or
Oppenheimer Bank is offering a 30-year mortgage with an EAR of 5 3/8%. If you plan to borrow $150,000, what will your monthly
at the end of every 3 months, Rita deposits $100 into an account that pays 5% compounded quarterly. After 5 yrs, she puts the
Christian has been saving $170 monthly for college. The investment account set up for him has a 3.75% annual interest rate,
Christian has been saving $170 monthly for college. The investment account set up for him has a 3.75% annual interest rate,
Samson wants to borrow $2000 for the next 3 years. Which bank will cost him the least in interest and fees?
Bank A: interest
A bank is offering a special three year investment certificate paying 3.25% per year, compounded monthly. How much interest
. Seth’s current bank offers a 1-year certificate of deposit account paying 2% compounded semiannually. A competitor bank is