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작성자 레몬 댓글 0건 조회 2,039회 작성일 11-08-31 09:43
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Calculating the interest earned on savings can be done annually, monthly, and even daily. Most financial institutions calculate interest based on an annual percentage rate (APR). It is important however to know how your interest is calculated and compounded. If the interest rate is compounded more often than annually -- for example, the interest is paid monthly -- then you are earning interest on the initial deposit plus interest earned throughout the year, and need to calculate interest earned using the annual percentage yield (APY).
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Divide the interest rate by 100. If your interest rate is 4% APR, move the decimal point over two places, which equals .04. With a $1,000 deposit in a savings account that pays 4% annually, multiply the deposit by the interest rate. $1,000 X .04 = $40.00 per year interest.
Divide the annual interest earned by 12 to determine the monthly interest earned. If the annual interest was $40, then divide that value by 12 to determine the monthly interest earned. In this case, $40 / 12 = $3.33 per month interest.
Divide the monthly interest earned by 30 to determine the daily interest earned. If the daily interest was $3.34, then divide that value by 30 (days) to determine the daily interest earned. In this case, $3.34 / 30 = $0.11 per day.
Convert daily and monthly interest rates to an annual interest rate by multiplying the given rate as needed. If a pawn broker uses a monthly interest rate of 28%, multiply .28 X 12 = 336% APR.
Compounding interest rates are calculated differently. If the interest on your savings is compounded more than once a year, then calculate the annual percentage yield, to determine the actual interest earned at the end of the year. The formula for converting APR to APY: APY=((1+APR/f)^f), where f=frequency (4=quarterly, 52=weekly).
To calculate the APY using MS Excel or Open Office Calc, type the following into the spreadsheet: In cell A1, type the APR. In cell A2 type in the number of times the interest will compound (quarterly=4, monthly=12, daily=365). In cell A3 type the following formula: =(1+A1/A2)^A2-1 This will give you the APY to use in calculating interest earned on your savings when it is compounded more than once during the year.
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