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How do you figure out Interest Rate?

How do you figure out much money you get from your interest rate in your bank account?

  • Im not sure if theres a forumula? But I just wanted to know how much money i need in my bank to add up for .1 cent interest according the interest rate being at .5% So just making ...show more

  • Answer:

    At today's rates, after taxes, just figure zero. If you do happen to make more than $10, the bank will send you a form after year end. But your problem sounds like homework to me. Sad to say, I slept through algebra class too.

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Y (unknown amount of money deposited) times .5% equals .1. To solve for Y, you must divide .1 by .5%. Y is $20. In this equation, .1 is the yearly interest; not monthly interest. You have written .1 which is actually 10¢. If you wanted to say 1¢, you would write $.01.

Ed Atun

first off 0.1 is ten cents, .01 is1 cent, I am going to assume the rate is .5 per month. (6% per year) so if 1 cent is half a percent, then 2 cents is 1 %, 2 cents ( 1%) times 100 = 20.00( 100%) so 20.00 at .5% interest rate will give you 1 cent per month

Ann

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