How Does Your bank Calculate Interest?

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How Does Your bank Calculate Interest?

2006-08-22 12:47:26 · 4 answers · asked by nitesh j 1 in Business & Finance ➔ Personal Finance

4 answers

i think they give us 6% interest. or is that how you calculate taxes. i dont really know.

2006-08-22 12:58:17 · answer #1 · answered by bmn44 4 · 0⤊ 0⤋

Here is a link that will explain how they calculate interest on different products, savings, checking, etc...
http://www.chicagofed.org/consumer_information/abcs_of_figuring_interest.cfm

2006-08-22 12:55:36 · answer #2 · answered by Witchblade_1 2 · 0⤊ 0⤋

5.15% APY compounded daily.

http://www.emigrantdirect.com

2006-08-22 12:52:48 · answer #3 · answered by Idunno 3 · 0⤊ 0⤋

They do on savings accounts, but not checking.

2006-08-22 12:52:26 · answer #4 · answered by First Lady 7 · 0⤊ 0⤋