Daniel has a MOney Market account with $1,200.The bank offered him a special rate of 5.25% per month.How much money will Daniel have after the first month?
Percentage?student loan
How much will Daniel have after the 1st of the month...
ANSWER is $1263
Percentage?
loan
1200 times 5.25/100
1200(5.25)/100=$63|||$1263 if it is a monthly interest rate:
1200*1.0525
Generally, the interest rate offered is for the entire year and compounded monthly so an APY rate of 5.25% would yield $5.25 in the first month.
No comments:
Post a Comment