2007-05-28 15:22:32 · 5 answers · asked by d m 1 in Business & Finance ➔ Investing
14.5% is attainable if the bank is located in Turkey, Iceland, or Brazil just to name a few countries where interest rates are around that level.
Compounded yearly for 6 years: 45,067.44
Here is the equation: Initial Amount * (1+Interest Rate)^Duration
2007-05-28 16:27:17 · answer #1 · answered by buster_bry 2 · 0⤊ 0⤋
i seriously doubt the interest rate is 14.5%. maybe 4.5 but not 14.5
2007-05-28 15:44:08 · answer #2 · answered by nodamnway 4 · 0⤊ 0⤋
formulation: interest = PRT/one hundred wherein, P is appropriate, R is fee and T is time(years). enter the given records into formulation, (500)(2)(3)/one hundred = $30 the full = $500 + 30 = $530
2016-12-12 04:53:29 · answer #3 · answered by bocklund 4 · 0⤊ 0⤋
If they're "paying" 14.5% interest.... congratulations, you've been scammed.
2007-05-28 16:21:29 · answer #4 · answered by Common Sense 7 · 0⤊ 0⤋
Why don't you just call the bank and get these records?
2007-05-28 15:34:51 · answer #5 · answered by becky m 4 · 0⤊ 0⤋