This hurts my head to try to figure it out, I don't think I am doing it right or sumfin??!!??
2007-02-19 08:22:33 · 9 answers · asked by Sam I Am 1 in Business & Finance ➔ Personal Finance
Yes, I was serious thank you very much. $65 is what I thought too, but then I had read that if you put $100 back a month at 5% interest then you could have $6800 after 5 years, and that wasn't the number I was coming up with so I assumed that I was figuring wrong on $1000 at 6.5% for 1 year. Who knows but thanks to everyone except The McK's :p
2007-02-19 08:39:42 · update #1
$65, $1000 X $.065
2007-02-19 08:24:49 · answer #1 · answered by jon 4 · 0⤊ 0⤋
it depends for how long your talking about? 6.5% in a year i`m assuming?..well just do $1000 x`s 6.5% = $65 ...
2007-02-19 16:27:16 · answer #2 · answered by 2ManyQuestions 2 · 0⤊ 0⤋
65 dollars a year
it could be more depending on how often it is compounded, but with a short answer, no less than 65
2007-02-19 16:26:00 · answer #3 · answered by Jared P 5 · 0⤊ 0⤋
$65?
2007-02-19 16:24:55 · answer #4 · answered by Lacey 4 · 0⤊ 0⤋
$65 smackeroos. 1000 x .065 (you move the decimal over two spots)
2007-02-19 16:27:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It's APY vs. APR... most loans are compounded monthly (APY), so the formula's different. If you're investing, they'll tell you APY (yield) which looks higher, if you're borrowing, they'll tell you APR (rate) which looks lower. You end up with the same end result, though.
2007-02-19 18:34:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
$65 per year, assuming simple interest. $66.97 if compounded monthly.
2007-02-19 16:25:49 · answer #7 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Over what period of time? Is that 6.5% per year?
2007-02-19 16:28:04 · answer #8 · answered by waynebudd 6 · 0⤊ 0⤋
r u serious???????
2007-02-19 16:26:37 · answer #9 · answered by The McK's 4 · 0⤊ 0⤋