Let say i open a CD with $2000 at a interest rate of 4.5%, after two months how much do i earn?

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Let say i open a CD with $2000 at a interest rate of 4.5%, after two months how much do i earn?

i sounds simple but there is always things that the company don't tell you, plus i never have had a CD before.

2007-03-06 14:12:01 · 3 answers · asked by Elias 1 in Business & Finance ➔ Personal Finance

3 answers

If you put 2000 in a CD at 4.5% interest rate you will earn about $7.39 first month and $7.42 second month. So a whomping $14.81.

Now that is with 4.5% INTEREST. They normally quote you on APY... meaning the interest rate is a little bit lower. Not by much though.

2007-03-06 14:22:44 · answer #1 · answered by toanlysd 2 · 1⤊ 0⤋

It depends on how frequently the interest is compounded

2007-03-06 14:17:20 · answer #2 · answered by Master Ang Gi Guong 6 · 0⤊ 0⤋

$15 if compounded monthly.

2007-03-06 14:22:55 · answer #3 · answered by Aldo the Apache 6 · 0⤊ 0⤋