How to I calculate my Savings Account Interest Rate?
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I just opened up a Savings Account with 5.16 interest rate and it's compounded daily. If I have an amount of 150.00 in my savings account, how much will I earn in interest a month?
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Answer:
5.16/365 x 30 = $0.66!!!
gayles_s at Yahoo! Answers Visit the source
Other answers
$.66
sbledsoe37
Go to bankrate.com, they have a great savings calculator.
sevemmama
I assume 5.16% is APR. Since the interest rate coumpounded daily, you have to take 5.16 / 365 days. Take the answer (let say is y). $150.00 (your savings) x (1+y) ^ of 30 days in a month. * the sign " ^ " means power of 30th.
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