Your thinking your irreplaceable I already lost interest 49



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Most financial institutions advertise the annual interest rate on their savings accounts. Follow these effortless steps to calculate how much interest you will receive on your savings account each calendar month.

Instructions

Your savings account's interest rate A calculator

Advocate Edits

1 Convert your interest rate to some decimal. You create this by dividing your interest rate by 1 website website. Another way to look in it is you are moving the decimal point two places to the left. With example, if your rate is 3% the decimal equivalent would be internet site. website3.

2 Multiply your savings account balance by the decimal that you calculated above. To example, if your balance yous $1 web site, internet site web site internet site and your interest rate is 3%, the equation would be $1 internet site, website website website x web site. website3 = $3 website website. This will tell you how much interest your savings account will earn with 1 year.

3 Considering there are 12 months from a year, divide your yearly interest from 12 to arrive in your monthly interest. In the over illustration, the equation would be $3 website website / 12 = $25.

Suggestions & Warnings

Recall to recalculate your interest each month after you obtain your interest expense. Every interest payment will improve your balance and therefore earn you more interest the next month.

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